AUD/USD Bearish

Bearish sentiment dominated the AUD/USD currency pair on Friday. However, a new junior ascending channel has been spotted. The pair tested the lower boundary of the junior pattern during the Asian session on Monday.

By the middle of the European trading session on Monday, the exchange rate has breached both the 55– and 100– hour simple moving averages and was gradually moving north for a test of the weekly pivot point at 0.7694.

Technical indicators flash strong bearish signals. This might suggest that the currency exchange rate could drop lower today until it breaches the bottom border of the junior channel. Strong support level rests at 0.7620.

Chart: AUD/USD H4