AUDUSD Nears Trigger Point for Bearish Turn

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FxNews—The Australian dollar is downtrend, below the 100-period simple moving average. Yesterday, the currency pair began a mild correction by pulling away from the November low at $0.644, trying to stabilize itself above the 23.6% Fibonacci level.

As of this writing, the currency pair trades at approximately $0.649, with the Awesome Oscillator signaling that the bear market is weakening.

AUDUSD Nears Trigger Point for Bearish Turn
AUDUSD Nears Trigger Point for Bearish Turn

AUDUSD Technical Analysis

Please note that the AUD/USD trend outlook remains bearish, with prices below the 38.2% Fibonacci retracement level. That being said, the immediate support rests at $0.644.

AUD/USD Bearish Scenario
AUD/USD Bearish Scenario

If ADU/USD falls below $0.644, the downtrend will likely be triggered again. In this scenario, the next bearish target could be the 0.641 mark.

The Bullish Scenario

Conversely, the immediate support is at $0.650. If bulls stabilize the prices above $0.650, the correction phase that began last day could extend toward upper resistance levels.

If this scenario unfolds, the current bullish momentum could aim for the 0.654 resistance, backed by the 50-period simple moving average.