- The AUD / USD is in the hands of the bears as it begins to correct the monthly bullish momentum.
- The price has been rejected by key resistance.
AUD / USD is moving lower across different time frames in what is expected to be an average 50% reversal of monthly bullish momentum.
Below is the downward movement on the monthly, weekly and daily chart. The 4-hour chart is well rooted in bearish territory after being rejected at the resistance of the M formation on the daily chart.
AUD / USD monthly chart
The pair has reached a high in the middle of the month. A continuation to the downside would be expected to target the 50% Fibonacci retracement of the last move up.
AUD / USD weekly chart
The price is correcting and is targeting the previous resistance, which would now be expected to act as support and slow down the bearish momentum.
AUD / USD daily chart
The price has been rejected by the resistance of the M formation.
AUD / USD 4-hour chart
With the price well entrenched in bearish territory according to the indicators, the pair would be expected to continue to slide lower in line with the long-term bearish corrective bias.
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
.jpg "Noma Copenhagen: now you can taste their crazy condiments at home")
