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AUD/USD Technical Analysis: Bear flag breakdown is signaling scope for deeper losses

  • A bear flag breakdown seen in the AUD/USD's 4-hour chart is indicating that the sell-off from the Dec. 4 high of 0.7392 has resumed and the psychological level of $0.70 (target as per the measured move method) could be put to test soon.
  • The drop to 0.70 could happen before the end of the year if the Fed retains hawkish stance next week, squashing expectations of a 2019 rate hike pause.
  • Also, on the way lower, the pair may encounter support at 0.7164 (Nov. 13 low), which is also the 61.8% Fib R of 0.7021/0.7393.
  • The bearish view put forward by the flag breakout would be invalidated above 0.7247 (Dec. 13 high).

4-hour chart

Trend: Bearish

NZD/USD

Overview:
    Today Last Price: 0.6796
    Today Daily change: -68 pips
    Today Daily change %: -0.991%
    Today Daily Open: 0.6864
Trends:
    Previous Daily SMA20: 0.6854
    Previous Daily SMA50: 0.67
    Previous Daily SMA100: 0.667
    Previous Daily SMA200: 0.685
Levels:
    Previous Daily High: 0.688
    Previous Daily Low: 0.6842
    Previous Weekly High: 0.697
    Previous Weekly Low: 0.6846
    Previous Monthly High: 0.6887
    Previous Monthly Low: 0.6514
    Previous Daily Fibonacci 38.2%: 0.6865
    Previous Daily Fibonacci 61.8%: 0.6856
    Previous Daily Pivot Point S1: 0.6844
    Previous Daily Pivot Point S2: 0.6824
    Previous Daily Pivot Point S3: 0.6806
    Previous Daily Pivot Point R1: 0.6882
    Previous Daily Pivot Point R2: 0.69
    Previous Daily Pivot Point R3: 0.692

 

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