HomeForex UpdatesAUDUSD Bounces-off 2-12 months Low However Retains Bearish Outlook

AUDUSD Bounces-off 2-12 months Low However Retains Bearish Outlook

AUDUSD has been experiencing a sustained downtrend, producing a profound construction of decrease highs and decrease lows. Nonetheless, within the previous couple of four-hour classes, the pair has adopted a sideways sample after it managed to stop its decline on the two-year low of 0.6710.

The momentum indicators recommend that bearish forces stay in management. Particularly, the RSI is flatlining beneath its 50-neutral mark, whereas the stochastic oscillator is sloping downwards after posting a bearish cross.

If damaging momentum strengthens, the worth may descend in direction of its current two-year low of 0.6710. Ought to that ground collapse, the pair would prolong its decline to type recent multi-year lows, the place the December help of 0.661 may halt any additional draw back strikes. Piercing via this barrier, the highlight may then flip to the April 2020 resistance of 0.6570.

Inversely, bullish actions might meet preliminary resistance on the current peak of 0.6802, which overlaps with the 50-period easy shifting common. Leaping above this area, the bulls may goal for 0.6873 earlier than the 0.6917 hurdle seems on the radar. An upside violation of the latter may open the door for 0.6967.

General, AUDUSD maintains each its bearish short- and long-term outlooks. For the previous to change, the worth must decisively cross above the 0.6967 ceiling.

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