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26.02.202013:07 Forex Analysis & Reviews: Technical analysis of AUD/USD for February 26, 2020

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Overview:

Pivot point: 0.6643

Trend: downtrend.

The AUD/USD pair dropped from the level of 0.6643 to the bottom around 0.6569. But the pair couldn't rebounded for that it closed at the 0.6569 level.

Today, the first support level is seen at 0.6569, and the price is moving in a bearish channel now.

Furthermore, the price has been set below the strong resistance at the level of 0.6643, which coincides with the 23.6% Fibonacci retracement level.

This resistance has been rejected several times confirming the downtrend. Additionally, the RSI starts signaling a downward trend.

As a result, if the AUD/USD pair is able to break out the first support at 0.6569, the market will decline further to 0.6520 in order to test the weekly support 2.

In the H4 time frame, the pair will probably go down because the downtrend is still strong. Consequently, the market is likely to show signs of a bearish trend.

So, it will be good to sell below the level of 0.6643 with the first target at 0.6520 and further to 0.6466.

However, the breakdown of 0.6600 will allow the pair to go further up to the levels of 0.6643 in order to retest the daily pivot point again.

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