AUDUSD Testing Key Level – More Downside? May 28th
AUDUSD – Bears Trying to Break Key Level
Shedding over 650 pips in the last two weeks, closing bearish for 14 of the last 17 days, the Aussie has been testing the key .9600.9590 key level two times, and about to be a third. Each time it tests the level, the rejections have been getting weaker, suggesting the bulls at this level are weakening. You will notice in the chart below a price action squeeze is forming, which suggests further downside is likely.
Bears can look for pullbacks towards the .9716 and .9815 levels to sell on pullbacks. But if the pair does not offer a pullback, then look for a breakout setup on the intra-day 1hr charts or below should it clear the key support.
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