AUD/USD reverses and starts falling after what appears to be a false breakout above the top of the range.
AUD/USD stalls at upside resistance and reverses lower, falling back inside its range. It is threatening a short-term trend reversal and MACD is about to cross below its signal line. AUD/USD Daily Chart The Aussie pair has now started falling back inside the range. It is possible this could be the start of a new short-term downtrend that might take AUD/USD back down towards the range lows in the 0.63s, however, it is still too early to say with any confidence.
Such patterns resemble zig-zags and lengths of waves A and C are similar or related by Fibonacci. The Aussie pair reached an initial upside target based on extrapolating wave A of the Measured Move higher by a 61.8% Fibonacci. This target lies at around 0.6115. This is further evidence the uptrend may have reached its zenith and a new downtrend is currently forming. For more confirmation price would have to break below the 0.6785 level .
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AUD/USD Price Forecast: Breaks out of range and follows through to the upsideAUD/USD breaks above its range highs and follows through to the upside on Friday.
Read more »
AUD/USD Price Forecast: Further advances remain on the tableAUD/USD, and the risk complex in general, regained the smile and shrugged off Wednesday’s sharp pullback, reclaiming the 0.6900 barrier and beyond and flirting once again with the area of YTD peaks on Thursday.
Read more »
AUD/USD Price Forecast: Upside appears to stall near 0.6900The AUD/USD pair edges lower after posting a fresh yearly high around 0.6900 in Wednesday’s North American session.
Read more »
AUD/USD Price Forecast: A move to 0.7000 appears on the horizonOn Wednesday, the late rebound of the US dollar (USD) motivated the risk-associated assets to fade initial gains, forcing AUD/USD to retreat from earlier peaks north of the 0.6900 hurdle, a region last visited in late February 2023.
Read more »
AUD/USD Price Forecast: Further gains appear in the pipelineThe renewed selling pressure on the US Dollar (USD) gave a boost to risk-sensitive assets, helping the Australian Dollar gain traction and motivating AUD/USD to reclaim the 0.6700 barrier and above on Monday.
Read more »
AUD/USD Price Forecast: Further upside looks at the FedThe renewed bid stance in the US Dollar (USD) keeps the price action in the risk-sensitive space under some pressure, with AUD/USD navigating a narrow range above the 0.6700 hurdle on Tuesday.
Read more »