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Overview:
- The AUD/USD pair continues to move downwards from the level of 0.6818 which represents the daily pivot point on the H1 chart.
- Right now, the price is set at thee 0.6790 level. The resistance is seen at the level of 0.6818 and 0.6858.
- Moreover, the price area of 0.6818 and 0.6858 remains a significant resistance zone. However, the support levels are set at 0.6748 and 0.6682 respectively.
- Amid the previous events, the price is still trading between the levels of 0.6818 and 0.6682.
- If the NZD/USD pair fails to break through the first resistance level of 0.6818, the market will decline further to 0.6748 as as the first target.
- Currently, the price is in a bearish channel. This is confirmed by the RSI indicator signaling that we are still in a bearish trending market.
- The bias remains bearish in the nearest term testing 0.6748 and 0.6682.
- Additonally, if the trend breaks the second support level of 0.6682, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.6604 this week.
Forecast:
- - The market opens below the pivot point. It continues to move downwards to hit the support levels. Consequently, sell at the pivot point (0.6818).
- - Take profit 1: It should set take profit at S1 or move around the double bottom (0.6748). Because the previous range was very large.
- - Take profit 2: Therefore, the market is likely to show signs of a bearish trend around the spot of 0.6748. In other words, resell orders are recommended below the spot of 0.6818/0.6748 with the second target at the level of 0.6682; and continue towards 0.6604.
- - Stop loss: On the contrary, in case a reversal takes place and the AUD/USD pair breaks through the resistance level of 0.6818, then a stop loss should be placed at 0.6858.
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