AUDUSD H1: Bearish outlook seen, further downside below 0.7000

9 févr. 2023

On the H1 time frame, prices are facing bearish pressure from the resistance zone at 0.7000 in line with the 50% Fibonacci retracement and 78.6% Fibonacci extension where we could see a further drop below this zone to the support zone at 0.68700. Failure to hold below the 0.7000 could see prices push higher to the next resistance zone at 0.71000. Stochastic is testing resistance at 97.25, supporting the bearish bias.