AUD/USD at Critical Resistance: Will the Bears Take Control?
In the 4-hour chart for AUD/USD, we observe a critical test of resistance at the 0.66386 level, marked by the purple zone.
The pair has been rallying off a rising trendline, creating a series of higher lows, signaling strong bullish momentum.
However, the price action near the resistance level indicates a potential rejection, as seen with the formation of a doji candle, which suggests indecision in the market. This could be the first sign of weakening bullish momentum, with the possibility of a reversal.
If the price fails to break and sustain above the 0.66386 resistance, we might see a pullback toward the first support level at 0.65555. A break below this support could accelerate the downward movement, targeting the next support levels at 0.64800 and 0.64374.
On the flip side, if the pair manages to break above 0.66386, the next bullish target would be significantly higher, but this would require strong bullish momentum and possibly new catalysts from economic data or market sentiment.
The pair has been rallying off a rising trendline, creating a series of higher lows, signaling strong bullish momentum.
However, the price action near the resistance level indicates a potential rejection, as seen with the formation of a doji candle, which suggests indecision in the market. This could be the first sign of weakening bullish momentum, with the possibility of a reversal.
If the price fails to break and sustain above the 0.66386 resistance, we might see a pullback toward the first support level at 0.65555. A break below this support could accelerate the downward movement, targeting the next support levels at 0.64800 and 0.64374.
On the flip side, if the pair manages to break above 0.66386, the next bullish target would be significantly higher, but this would require strong bullish momentum and possibly new catalysts from economic data or market sentiment.
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