AUD/USD Approaching Key Long-Term Support Zone
Chart Analysis:
The Australian Dollar has fallen sharply and is now approaching a key support level near 0.6172, last tested in October 2022.
1️⃣ Support Zone:
The horizontal level at 0.6172 represents a critical long-term support area. A test of this level could attract significant attention from market participants.
2️⃣ Fibonacci Retracement:
The 78.6% Fibonacci retracement of the larger upswing sits around 0.6042, which could act as an extended support level if the current zone is breached.
3️⃣ Moving Averages:
50-day SMA (blue): The pair remains well below this level, currently at 0.6524, signaling strong bearish momentum.
200-day SMA (red): Positioned at 0.6615, reflecting a broader downtrend in play.
4️⃣ Momentum Indicators:
RSI: At 30.54, nearing oversold territory, which could signal a potential short-term bounce or pause in the downtrend.
MACD: Deep in negative territory, with no clear signs of reversal as the MACD line continues to trend downward.
What to Watch:
Price action near 0.6172: Will the level hold, or will a break open the door for further declines toward 0.6042?
RSI divergence or bullish patterns near support could indicate the possibility of a rebound.
AUD/USD remains under significant pressure, with momentum favoring bears as the pair approaches a pivotal support zone.
-MW
The Australian Dollar has fallen sharply and is now approaching a key support level near 0.6172, last tested in October 2022.
1️⃣ Support Zone:
The horizontal level at 0.6172 represents a critical long-term support area. A test of this level could attract significant attention from market participants.
2️⃣ Fibonacci Retracement:
The 78.6% Fibonacci retracement of the larger upswing sits around 0.6042, which could act as an extended support level if the current zone is breached.
3️⃣ Moving Averages:
50-day SMA (blue): The pair remains well below this level, currently at 0.6524, signaling strong bearish momentum.
200-day SMA (red): Positioned at 0.6615, reflecting a broader downtrend in play.
4️⃣ Momentum Indicators:
RSI: At 30.54, nearing oversold territory, which could signal a potential short-term bounce or pause in the downtrend.
MACD: Deep in negative territory, with no clear signs of reversal as the MACD line continues to trend downward.
What to Watch:
Price action near 0.6172: Will the level hold, or will a break open the door for further declines toward 0.6042?
RSI divergence or bullish patterns near support could indicate the possibility of a rebound.
AUD/USD remains under significant pressure, with momentum favoring bears as the pair approaches a pivotal support zone.
-MW
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