The Australian dollar fell to a two-month low, and at the moment bulls are looking for a support level. Analysts explain the selling with general risk aversion sentiment present on the markets today. We’d recommend you to take a closer look at this pair, taking our chart analysis into consideration.
At the same time Chainlink, the DeFi star bounced back strongly gaining 40% in ten hours in what may be a reversal of a 6-weeks long downtrend. Keep an eye on LNKUSD.
The AUDUSD currency pair is currently moving inside the ascending green channel and the descending yellow channel.
When the pair pushed off from the upper line of the green channel, we saw the development of a downtrend and the formation of a yellow channel.
Recently, the price touched the lower green wall but did not break it. If the bears still have strength, they can again approach the green line and the support level of 0.702. if this level is broken, the market will have a clear path to the lower yellow wall and the next support level of 0.679.
However, it is possible that in the near future the market will grow and will be able to reach the resistance level of 0.727, which is on the upper yellow line. If the specified level is broken, the price may continue to grow further in the direction of the resistance level of 0.761, which is on the upper green line.
A few days ago, we were talking about LNKUSD. Still, the market is located inside a large green channel and a small yellow channel.
Not so long ago, we saw a rebound from the lower green wall, and the market began to move up. We are now in the middle of the yellow channel.
In the current situation, both growth and a market reversal and the beginning of a decline are possible.
If the bulls continue to push the price upwards and will be able to break the resistance of 12.75, which is on the upper yellow wall, the price may continue to rise towards the level of 20.40 on the upper green border.
Alternatively, we will see the price approaching the lower green wall and the support level of 6.94 again. Then, when this level breaks, the bears will open the way to the lower yellow wall and the support level of 3.34.