Home Analysis Australian dollar appears bearish

Australian dollar appears bearish

Australian dollar appears bearish - forexspacex.com

The Australian dollar is trading with a bearish bias on Wednesday morning in Asia and is down by some 0.60% so far. The AUD/USD pair is currently testing the major resistance level at 0.6500 on the daily chart. The momentum oscillators are in overbought territory and a minor consolidation from the current level was expected. From a fundamental perspective, the US CPI data will be critical for the commodity-linked currency. This will play a key role in tomorrow’s price action. It will be interesting to see whether the Australian dollar will be able to draw some support or not.

Pivot Points on daily timeframe

NameS3S2S1Pivot PointsR1R2R3

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