AUD/USD drops to 0.6400 amid mixed market, light trading
Updated
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During the Asian session on Monday, the AUD/USD pair is retracing towards 0.6400. Despite China's predominantly positive business PMIs, it seems that this news failed to ignite any inspiration in the pair. Furthermore, a surge in US Treasury yields coupled with a mixed sentiment is exerting downward pressure on the Australian dollar while China observes a holiday.
Looking at the 4-hour chart, there remains an underlying bullish bias as Momentum approaches the midline. As long as prices stay above 0.6385, our overall outlook remains intact. However, if prices decisively break below this level, we can expect an increase in bearish pressure with potential exposure to support around 0.6360.
On a positive note, if consolidation occurs above 0.6425 levels may lead us to anticipate encountering key resistance around 0.6445 - which signifies both a horizontal level and downtrend line convergence point . Should prices surpass this threshold and continue rising further , it would fortify AUDUSD strength.
To summarize:
Support levels: 0-6395 , -
Resistance levels: - , -
During the Asian session on Monday, the AUD/USD pair is retracing towards 0.6400. Despite China's predominantly positive business PMIs, it seems that this news failed to ignite any inspiration in the pair. Furthermore, a surge in US Treasury yields coupled with a mixed sentiment is exerting downward pressure on the Australian dollar while China observes a holiday.
Looking at the 4-hour chart, there remains an underlying bullish bias as Momentum approaches the midline. As long as prices stay above 0.6385, our overall outlook remains intact. However, if prices decisively break below this level, we can expect an increase in bearish pressure with potential exposure to support around 0.6360.
On a positive note, if consolidation occurs above 0.6425 levels may lead us to anticipate encountering key resistance around 0.6445 - which signifies both a horizontal level and downtrend line convergence point . Should prices surpass this threshold and continue rising further , it would fortify AUDUSD strength.
To summarize:
Support levels: 0-6395 , -
Resistance levels: - , -
Note
good luck everyoneTrade closed: stop reached
Note
Unfortunately this pair has been falling relentlesslyNote
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