AUD/USD resumed its bearish trajectory from $0.642, hinted by the spinning top black candlestick pattern. Please note that a break below $0.634 could trigger further losses, targeting $0.627.
AUDUSD Technical Analysis – 13-December-2024
FxNews—The currency pair trades bearishly below the 75-period simple moving average and the descending trendline. Note that the AUD/USD bear market is valid as long as the prices are below the $0.647 critical resistance.
As for the technical indicators, the Awesome Oscillator histogram is red and below zero, meaning the bear market prevails. Additionally, Stochastic and RSI 14 records show 33 and 40, respectively, indicating AUD/USD is not oversold.
Overall, the technical indicators suggest the AUD/USD pair is in a strong bear market; it is not oversold; hence, the downtrend will likely resume.
AUDUSD is Below $0.642: Keep an Eye on $0.634
Critical support at $0.634 might halt the downtrend. Sellers should push the currency pair’s value below this level for the downtrend to resume. In this scenario, the next bearish target could be the October 2024 low at $0.627.
Please be aware that the bearish outlook should be invalidated if AUD/USD bulls pull the price above the $0.647 key resistance.