Home Daily Analysis Charts / Trade Ideas Aussie in a Bearish Path

Aussie in a Bearish Path

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The Aussie is moving downwards for the seventh consecutive day. The price bounced at the $0.705 level and has been falling since then. Currently, it is at the lows of the previous leg up. The technical indicators are bearish too, while the Stochastics is still not oversold.



The 4H chart also shows that the price continues making bearish impulses. But it is currently at an area when it previously turned direction. Since it has been descending a lot of time, it seems reasonable to wait for a pullback before deciding to open a short trade.



The oscillators in the daily chart are in the early stage of a bearish phase, so it is expected that the price would continue descending. A break of the 0.691 level would confirm a continuation to visit the 0.683 level.

 

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