Bias Bearish AUDUSD, Beware of resistance at 0.7070

The bias for the AUDUSD still likely bearish movement, especially for the price moves below MA 50-100-200 signal in the 4 hours chart. However, the price has the potential to rebound as the Stochastic indicator began to show signs of rebounding from the oversold area.

To the downside, immediate support seen at 0.6885 area, breaking down of the area likely to continue bearish price to test the 0.6820 area before aim for 0.6730 strong support area. If the price is not able to penetrate to the bottom of the area of 0.6885, the price could potentially rebound test to the area immediate resistance seen in the area of 0.6990, breaking through to the top of the area the price is likely to move neutral as the least hint in the short term test to the area of 0.7070 before targeting to the resistance area strong at 0.7200.

Resistance levels: 0.6990, 0.7070, 0.7200
Support levels: 0.6885, 0.6820, 0.6730