AUD/USD still to decline?
AUD/USD hit a six-month low at 0.6525, the broken neckline of the inverse head and shoulders pattern.
Technical indicators suggest further downward movement, with the RSI and Stochastic oscillator indicating oversold conditions. The MACD is negative, signaling a bearish trend.
The price has dropped below its moving averages and violated the short-term range floor at 0.6565. If sellers break the 0.6525 support, the pair may test the 61.8% Fibonacci retracement at 0.6483, followed by a decline towards 0.6420 and potentially the 0.6370-0.6340 zone.
Overall, AUD/USD is expected to see more selling if the 0.6525 level breaks.
Technical indicators suggest further downward movement, with the RSI and Stochastic oscillator indicating oversold conditions. The MACD is negative, signaling a bearish trend.
The price has dropped below its moving averages and violated the short-term range floor at 0.6565. If sellers break the 0.6525 support, the pair may test the 61.8% Fibonacci retracement at 0.6483, followed by a decline towards 0.6420 and potentially the 0.6370-0.6340 zone.
Overall, AUD/USD is expected to see more selling if the 0.6525 level breaks.
Scale your positions.