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AUD/USD: Falling to new weekly low, seems vulnerable to test of 0.60

The AUD/USD was his early uptrend to just above the 0.6100 not take advantage and fell in the last hour up to the new session low into the middle of 0.6000. The upward trend stalled near the 100-hour SMA, which coincides with the ascending trendline support breakpoint and should now act as an important pivot point for intraday traders.

Meanwhile, the technical indicators on the daily chart have continued to decline and are gaining negative momentum on the hourly charts, further aggravating the overnight breakdown. Therefore, a subsequent decline below the 0.6025-20 level, which questions the key psychological level of 0.60, seems entirely possible given renewed USD buying interest.

Also read  AUD/USD: Fights over 50-day SMA for acceptance

Some follow-up sales could leave the pair vulnerable to further extend the downward move towards the next major support near the 0.5950. Conversely, any attempt to recover could continue to face a new offer and remain close to the daily high near 0.6120.

Technical Levels

S1 0.6011
S2 0.5952
S3 0.5864

R1 0.6159
R2 0.6246
R3 0.6306


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