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AUD/USD Technical Analysis: Bear flag breakdown is signaling scope for deeper losses

  • A bear flag breakdown seen in the AUD/USD’s 4-hour chart is indicating that the sell-off from the Dec. 4 high of 0.7392 has resumed and the psychological level of $0.70 (target as per the measured move method) could be put to test soon.
  • The drop to 0.70 could happen before the end of the year if the Fed retains hawkish stance next week, squashing expectations of a 2019 rate hike pause.
  • Also, on the way lower, the pair may encounter support at 0.7164 (Nov. 13 low), which is also the 61.8% Fib R of 0.7021/0.7393.
  • The bearish view put forward by the flag breakout would be invalidated above 0.7247 (Dec. 13 high).

4-hour chart

Trend: Bearish

NZD/USD

Overview:
       Today Last Price:  0.6796
       Today Daily change:  -68  pips
       Today Daily change %:  -0.991%
       Today Daily Open:  0.6864
Trends:
       Previous Daily SMA20:  0.6854
       Previous Daily SMA50:  0.67
       Previous Daily SMA100:  0.667
       Previous Daily SMA200:  0.685
Levels:
       Previous Daily High:  0.688
       Previous Daily Low:  0.6842
       Previous Weekly High:  0.697
       Previous Weekly Low:  0.6846
       Previous Monthly High:  0.6887
       Previous Monthly Low:  0.6514
       Previous Daily Fibonacci 38.2%:  0.6865
       Previous Daily Fibonacci 61.8%:  0.6856
       Previous Daily Pivot Point S1:  0.6844
       Previous Daily Pivot Point S2:  0.6824
       Previous Daily Pivot Point S3:  0.6806
       Previous Daily Pivot Point R1:  0.6882
       Previous Daily Pivot Point R2:  0.69
       Previous Daily Pivot Point R3:  0.692

 

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