AUD/USD Bears in Control - Targeting New Lows!

Alright traders, let’s break down the AUD/USD 4-hour chart and identify potential entry points.

On this chart, we can see that AUD/USD is currently in a strong downtrend, confirmed by the series of lower highs and lower lows. The price is trading below both the 21 EMA (yellow) and the 200 EMA (blue), indicating sustained bearish momentum. The recent break below the support level at 0.65292 reinforces this bearish sentiment. Key levels to watch are the resistance at 0.65346 and the next support at 0.64653.

Given the current market structure, my bias is bearish. A short position could be considered if the price retests and fails to break above the 0.65292 resistance level, with a target towards the 0.64653 support level. Ensure your stop loss is placed just above the 0.65346 resistance to manage risk effectively. Stay sharp and happy trading!