- Aussie kicked lower in the Asia trading session into a familiar barrier at May 23rd low.
- Directional bias beginning to shift to the downside.
- Chinese Yuan rate pegged over 6.4 for the first time in a year, fueling Asia selloffs.
AUD/USD, 1 Hour
Spot rate: 0.7535
Relative change: (-0.1%)
Trend: Bearish
Support 1: 0.7522 (May 23rd low)
Support 2: 0.7488 ( May 18th swing low)
Support 3: 0.7447 (May 16th low)
Resistance 1: 0.7548 (1 hour Kijun-sen, 50.0 Fibo retracement)
Resistance 2: 0.7580 (Monday high)
Resistance 3: 0.7605 ( Bullish recovery peak)
The Aussie’s slow grind higher after bottoming out just above the 0.7400 major level in early May is beginning to falter, briefly consolidating before beginning to show signs of bullish weakness, with swings lower beginning to take out previous barriers as highs continue to be restricted.
Share
