FX.co ★ SuiiFX | AUD/USD

AUDUSD 4-Hour Analysis: Sellers are pushing prices below the 0.69616 ascending channel, as evidenced by the AUD/USD price hanging around 0.70216 and the surging USD index breaking the low support around 0.70016. The price will drop from the upper middle range of 0.71896 in response to an abrupt shift in the US dollar index rate. Once this level is surpassed, the price will drop below the 20-day and 40-day simple moving averages at 0.70016. Following an immediate support barrier at 0.69536, the oscillator's midline and the main downward divergence from the Bollinger Bands are losing ground. Additionally, as prices have remained below the Ichimoku and 200-day simple moving average (SMA) for the last several sessions, price action has intensified the bearish convergence zone. As short-term risks shift downward, momentum indicators indicate that the most recent downward trend might continue. In particular, the RSI and oscillators are sloping downward in the 20 oversold zones, while the MACD trades below the red trigger midline and heads south. On the downside, the recent low of 0.68916 may find quick support if the price breaks below the 23.3% Fibonacci retracement level of 0.69316. Before the pair challenges the lower band at the next neutral low at 0.68536, the 20 and 40-day simple moving averages rise above the resistance below this bottom. The bears' persistent retaining of negative strength will result in the construction of a current closing candle and a bearish pattern on the 4-hour period. On the other hand, prices will go below the 20-day simple level if the US index's power changes again; the moving average is 0.69016. On the upside, buyers should wait for a confirmation signal from a reversible retracement over 0.71916 before following the hourly pivot closing candle at 0.72756 if they cross the 50% Fibonacci retracement bridge at 0.71116. While high-impact news data on NFP indicates a rapid breakthrough of new support or resistance in the 0.68616-0.72216 region next week, the current optimistic scenario speaks to a strong bullish base. Short-term investors need to pay attention to the key signs and take extra chances in accordance with the direction of the market. The moving price has moved out of the oversold area, and above the 0.70816 level, there may be an upside corrective before bullish strength is maintained around 0.71656.