Bearish Bias AUSDUSD, Beware of resistance at 0.7135

Based on 4-hour chart, the overall bias remains bearish, especially for the price is still below the signal MA 50-100-200. However, in the short term prices are likely to move bullish as the Stochastic indicator looks to move up.

For the upside, closest resistance levels seen at 0.7135 area, breaking through to the top of the zone rates will likely move the neutral line is no clear guidance in the short term to test the 0.7235 area before retesting to strong resistance area at 0.7290. If the price failed to break into the top of the area of 0.7135, the price can be re-corrected test to the nearest support area at 0.7000 area, to penetrate to the bottom of the zone prices get further bearish pressure towards 0.6950 area before retesting to strong support area at 0.6885.


Resistance levels: 0.7135, 0.7235, 0.7290
Support levels: 0.7000, 0.6950, 0.6885