AUDUSD bears take charge; will the 0.6980 support give way?

AUDUSD eyes further drops. Bearish momentum below 0.6980 risks a slide to 0.6905 support. Watch 0.7030 resistance (38.2% Fibo) to cancel the downside.
XM Group | 8 jam 43 menit yang lalu

Overview: AUDUSD is experiencing strong selling interest following a rejection at the bearish crossover between the 50- and 200-day SMAs.

Momentum: Technical oscillators reflect the prevailing bearish momentum across the market.

Bearish Scenario: A break below 0.6980 which is the 23.6% Fibonacci retracement of the 0.7240–0.6905 downward leg could steer the pair toward the recent low of 0.6905, ahead of the 0.6865 support level.

Risk: A move above the 38.2% Fibonacci retracement at 0.7030 would invalidate the short-term bearish outlook.

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