FX.co ★ Noir | AUD/USD

AUDUSD M30 Chart Analysis: The price behavior study of the AUD/USD currency pair is currently being discussed. The pair is still showing a bearish trend, and buyers are facing difficulties due to selling pressure. Recent price drops indicate underlying weakness, even though the hourly chart's trend still favors the north. It is premature to completely reject the bulls because the pair is in a large buying zone. To confirm the direction, more resistance and seller strength tests are necessary. For the time being, the bears are in control, and any bullish advance would probably result in corrections. Whether the pair continues its downward trend or initiates a rebound will depend on a clear breakthrough of the aforementioned resistance and support zones. Given the current bearish dominance, it seems unlikely that such a rally will even test last week's highs. In a different scenario, the pair might rise toward the ROS barrier at 0.71600 if it regains the negative baseline at 0.71157. A downward trend is indicated by hourly time-frame indicators. The pair is currently trading around 0.70820, and a break below this level of resistance is probably going to cause the price to drop. Further drops toward the next target level are likely if the pair breaks through the 0.70577 barrier and stays below it. On the other hand, a pullback to the support level around 0.71150 can occur if it is unable to break below 0.70577. AUD/USD was firmly rooted below the negative baseline of 0.71157 on the M30 chart yesterday, indicating that the Australian currency was still under pressure. The first impulsive zone's immediate objective of 0.70851 has already been reached by sellers. Although additional drop from that level is still likely, a bullish pullback toward 0.71151 may occur if the price stabilizes above the resistance level at 0.70933. A deeper decline to the first zone's lower boundary at 0.70651, maybe reaching the following impulse zone at 0.70310, might be made possible by a second failure of the 0.70851 support.