Bearish tone for the AUD/USD

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Bearish tone for the AUD/USD

aud/usd daily forex chart
AUD/USD daily Forex chart

The recent bullish sentiment for the AUD/USD on the daily chart, appears to have run out of steam in the last few days, with the Hawkeye trend dots flattening in the 1.0600 region, and subsequently moving into a short period of sideways consolidation. The bearish tone that is now evident was also firmly signaled with the Hawkeye isolated pivot highs to this price area, adding further weight to the downside momentum. In the last 6 days, the Hawkeye trend has finally turned red on the daily chart, but the longer term 3 day trend remains bullish for the time being. However, on Wednesday this week, Hawkeye delivered an aggressive volume roadkill signal, the cyan dot, which coincided with selling volume in both timeframes and a change in the Hawkeye Heatmap to bright red.

The key support level is now clearly defined in the 1.0200 area, and if this is breached then we can expect to see a re-test of parity in due course.

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