ADAUSD has confirmed the downtrend below the important trend-channel that was trading between 0.0726 and 0.089. The whole channel trading operation looks like a top formed and now the downtrend comes into play.
ADAUSD Price Analysis: 4 Hr Chart
ADAUSD has found immediate support at the support line which formed in the trend before. When this trend is broken we will see bearish pressure after this happened.
The MACD confirmed still bearish below the important orange line and this means there is not much bullishness within there. ADAUSD is now trading below the major channel and above the uptrend-line this can indicate a sideways movement to confirm the resistance before finding its way back to the downside.
After the trend-line confirmed to the downside there is the support which can be respected between the 0.0692 and 0.072 level, when ADAUSD approaches this level it can show a bounce up, it will be interesting how its playing out.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com