Bearish Outlook on AUDUSD - 31 Aug

31 באוג׳ 2023

On the 4H timeframe, prices are currently trending in a downward channel and the currency is heading to the 50% fibonnaci level. Prices crossing this zone is our downside confirmation, with an expected further descent of the currency to the key support zone at 0.63800. We place our stop loss at the previous support-turned-resistance level, which also coincides with the upper band of the currency and at the 61.8% fibonacci level. Prices are hovering around the upper bands of the Bollinger Bands suggests the currency may be overbought, and a forecasted reversal to ultimately support our bearish bias