As I analyze the AUD/USD chart on the 1-hour timeframe, it's clear that the market has been on a rollercoaster ride. The peaks and valleys are indicative of a volatile trading session, with the Australian Dollar struggling to find consistent direction against the US Dollar.
Most recently, the price action has painted a bearish picture. After a high volatility spike, the market has begun trending downwards. The series of lower highs and lower lows suggest that sellers are currently in control, pushing the AUD down against the USD. The downtrend is marked by a dashed blue line, potentially signaling a continued bearish bias in the short term.
The critical support zone, highlighted by the dotted line, lies just beneath the current price. If this level fails to hold, we could see an accelerated move to the downside. I will be keeping a close watch on this support, as it could offer a decisive moment for the pair - a break below could lead to a new wave of selling pressure.
I remain cautious and vigilant, ready to adjust my strategy according to the market's movement. For now, the bearish momentum suggests looking for potential opportunities to follow the trend, but always with a keen eye on risk management
Most recently, the price action has painted a bearish picture. After a high volatility spike, the market has begun trending downwards. The series of lower highs and lower lows suggest that sellers are currently in control, pushing the AUD down against the USD. The downtrend is marked by a dashed blue line, potentially signaling a continued bearish bias in the short term.
The critical support zone, highlighted by the dotted line, lies just beneath the current price. If this level fails to hold, we could see an accelerated move to the downside. I will be keeping a close watch on this support, as it could offer a decisive moment for the pair - a break below could lead to a new wave of selling pressure.
I remain cautious and vigilant, ready to adjust my strategy according to the market's movement. For now, the bearish momentum suggests looking for potential opportunities to follow the trend, but always with a keen eye on risk management
Trade closed manually
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