Australian Dollar bear threats as AUDUSD aims still lower
- Written by Steve Miley
Have you been excited by the volatility in financial markets and joined the surge in Forex trading in 2020? Then check out the FXExplained.co.uk Broker Reviews
AUDUSD day trade outlook: Intermediate-term bear shift through key .7136/32/28
Day trade update and view
A significant sell-off on Wednesday-Thursday through the key .7136/32/28 platform support area, to build on this week's plunge lower through various other supports, to shift the intermediate-term bull trend straight to an intermediate-term bear trend, to keep the threat lower for Thursday/ Friday.
Day trade setup
-
We see a downside bias for .7012/00 and .6959; a break here aims for .6920/18.
-
But above .7082 opens risk up to .7147 and possibly then to .7210.
AUDUSD intermediate-term outlook
The push below the key .7136/32/28 platform support area signalled an intermediate-term shift to a bear trend.
-
Downside risks: We see an intermediate-term bear trend to aim for .7012/00, .6829 and .6773.
-
What changes this? Above .7345 shifts the intermediate-term bear trend straight to an intermediate-term bull trend.
* Global equity averages have plunged lower again this week.
* These breakdowns have seen the “risk off” phase restart in the currency markets, which sees a weaker Australian Dollar and also a broader strengthening again of the US Dollar (which is currently viewed as a safe haven currency).
* The AUDUSD break below the key .7136/32/28 support area has set up a more bearish theme into late September and October.
If you are a budding technical analayst and trading platofrms are important to you and your trading, then make sure you head over to the best trading platform reviews here
6 Hour AUDUSD Chart
