The bearish pressure surrounding AUD/USD remained unabated on Wednesday. The downward trajectory seemed unaffected by extremely oversold conditions. Bears might take some breather near two-week-old descending channel support. The AUD/USD pair continued losing ground and weakened farther below the 0.5900 mark, hitting 17-year lows during the early North-American session on Wednesday. A sustained break below October 2018 swing lows, around the key 0.60 psychological mark, was seen as a key trigger for bearish traders amid a rush to hoard the USD. The downward trajectory seemed rather unaffected by extreme oversold conditions on short/medium-term charts, rather took cues from a selloff in the global equity markets. Looking at the shorter timeframe, the pair has been trending lower along a descending trend channel over the past two weeks or so, indicating a well-established bearish trend. Bears are likely to take some breather near the lower end of the mentioned trend-channel, albeit a sustained break through should pave the way for a further near-term downfall. Meanwhile, any attempted recovery back above the 0.5900 round-figure mark might now confront some fresh supply and is likely to remain capped near the 0.5925-30 zone. AUD/USD 1-hourly chart Technical levels to watch FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/MXN New York Forecast: Dollar historical giant move up vs. MXN FX Street 2 years The bearish pressure surrounding AUD/USD remained unabated on Wednesday. The downward trajectory seemed unaffected by extremely oversold conditions. Bears might take some breather near two-week-old descending channel support. The AUD/USD pair continued losing ground and weakened farther below the 0.5900 mark, hitting 17-year lows during the early North-American session on Wednesday. A sustained break below October 2018 swing lows, around the key 0.60 psychological mark, was seen as a key trigger for bearish traders amid a rush to hoard the USD. The downward trajectory seemed rather unaffected by extreme oversold conditions on short/medium-term charts, rather took cues from a selloff… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
