Technical Analysis – AUDUSD bears face big challenge below 0.69
Posted on May 22, 2019 at 6:39 am GMTAUDUSD held losses over the last five days, dropping to a new four-month low of 0.6864 last Friday and penetrating the descending triangle formation to the downside. The RSI in the 4-hour chart continues to lack direction near the oversold area, while the red Tenkan-sen keeps flattening below the blue Kijun-sen line, reducing chances for a meaningful recovery in the short-term trading. The MACD oscillator is strengthening its negative momentum below the trigger and zero lines. If the price closes comfortably below the 0.6864 support, traders could add more pressure to the pair, pushing [..]