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28 Aug 2019

AUD/USD technical analysis: Descending channel on 1-hourly chart points to further intraday weakness

  • The AUD/USD pair failed to capitalize its goodish recovery move witnessed on the first day of the week and traded with a negative bias for the second consecutive session on Wednesday.
  • The downtick over the past two trading session has been along a short-term descending trend-channel formation on the 1-hourly charts, supporting prospects for a further intraday weakness.

The fact that the pair has repeatedly failed to build on its momentum beyond 200-hour SMA clearly suggests that the near-term selling bias might still be far from being over and further reinforce the bearish outlook.
 
Moreover, technical indicators on hourly/daily charts maintained their bearish bias, turning the near-term set-up in favour of bearish traders and a possible drop to sub-0.6700 level amid persistent US-China trade uncertainties.
 
However, a sustained breakthrough the trend-channel resistance – currently near the 0.6760 region – leading to a subsequent strength beyond 200-hour SMA might negate the bearish set-up and prompt some near-term short-covering move.
 
The pair might then aim towards reclaiming the 0.6800 round figure mark, above which the momentum seems more likely to accelerate further towards an intermediate resistance near mid-0.6800s en-route the 0.6900 handle.

AUD/USD 1-hourly chart

fxsoriginal

 

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