Bears eye a breakout to the downside for the opening sessions

  • AUDUSD’s weekly rejection has been in play with 0.6500 eyed.
  • Bears seek a break below 0.6670 and 0.6650 for the opening sessions. 

AUDUSD was pressured at the end of last week with the US Dollar gaining slightly making its largest weekly gain in over a month as investors eye rising bond yields as they continued to make bets on the US Federal Reserve’s interest rate hiking path. This puts the downside in focus on the charts as follows:

AUDUSD H1 chart

The hourly M-formation is compelling and argues for a downside continuation having already corrected into the bearish impulse and resistance.

AUDUSD H4 chart

The same can be said for the 4-hour chart with the price being rejected from resistance.

AUDUSD daily chart

The daily chart’s support area beckons while the price is on the front side of the downside trend.

AUDUSD weekly chart

The weekly rejection has also been in play with 0.6500 eyed.

Source link

Leave a Reply

Your email address will not be published.