Market Analysis on AUDUSD on 08 Nov 23 Wednesday

2023-11-08 16:55Fonte:BtcDana

On the daily chart, Examining the daily chart, it becomes evident that the AUDUSD pair had been showing signs of a weakening bearish trend, primarily due to a notable divergence with the MACD indicator. The breakout from the downward trendline provided buyers with increased confidence to push the price higher, leading to a test of the significant 0.65 handle. Sellers, on the other hand, utilized this resistance level to establish their positions with a defined risk level just above it, positioning for a potential decline to lower levels. However, the short-term bias has now shifted towards a more bullish outlook. Turning to the 4-hour chart, we can observe the decline from the critical 0.65 resistance zone. From a risk management perspective, buyers might consider focusing on the support provided by the upward trendline, which is complemented by the 61.8% Fibonacci retracement level and previous swing levels for added confluence. Sellers, on the contrary, will be on the lookout for a break below this trendline to strengthen their bearish positions, aiming for lower price levels. On the 1-hour chart, the bearish momentum appears to be diminishing as the price approaches a support zone. Here, buyers are expected to begin entering the market, establishing clear risk levels just below the trendline. In contrast, sellers will remain patient, waiting for a confirmed break of the trendline before considering an increase in their bearish positions, targeting lower price levels.

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