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AUDUSD, Technical Analysis

8/23/2022 2:50 PM

AUD/USD, H4

On the four-hour chart, above the level of 0.6846, there is a formation of a Hammer candlestick pattern, which may warn market participants that the asset is in the area of low prices and will soon begin to unfold. In addition, a Doji pattern was formed, signaling the uncertainty in the market and the equality of the forces of "bulls" and "bears". This pattern usually indicates reversals in the instrument; however, it requires additional "bullish" confirmation in the local basis. Thus, at the moment, it is most likely that the quotes of the AUD/USD pair will fall to the support level of 0.6846, overcoming which will open the way for the "bears" to the zone of 0.6680–0.6401. An alternative scenario is possible after fixing the quotes of the trading instrument above the resistance level of 0.7031 with the targets at 0.7184–0.7392.


AUD/USD, D1

On the daily chart, there is the formation of a Bear Marubozu candlestick analysis pattern, which emphasizes the strength of sellers, as well as the formation of a Three Black Crows figure under the resistance level of 0.7031, which also signals a continuation of the downtrend. Currently, the asset is most likely forming a Falling Three Methods pattern, which is a continuation of the trend and warns that quotes may continue to move down. More likely is a scenario with a downtrend to the level of 0.6846, the overcoming of which will allow sellers to strengthen the movement up to the level of 0.6401.


Support levels: 0.6846, 0.6680, 0.6401. | Resistance levels: 0.7031, 0.7184, 0.7392.



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