FX.co - AUD/USD - Strong downside pressure and potential for bigger drop

2021-11-04T13:09:08

Relevance until2021-11-05

Technical analysis:

AUD/USD - Strong downside pressure and potential for bigger drop

AUD/USD has been trading downside and we got bearish outside bar on the market.

Trading recommendation:

Watch for selling opportunities on the rallies due to strong downside momentum.

Downside targets are set at the price of 0,7380 and 0,7325

Stochastic is showing-bear cross and strong downside condition, which is confirmation for further bearish movement.

Resistance is set at the price of 0,7470

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ AUD/USD - Strong downside pressure and potential for bigger drop