AUD/USD Forex Signal: Bearish Head and Shoulders at 0.7200

1/17/2022 5:00:00 PM

The Australian dollar has been weak since markets opened this week.

Forex

The Australian dollar has been weak since markets opened this week. Trade with our Forex signal here:

The Australian dollar has been weak since markets opened this week.

AdvertisementTrade AUD/USD NowAUD/USD AnalysisI wrote last Tuesday that the technical picture was basically weakly bearish. I thought that if the price got established below 0.7177 it would probably fall to 0.7150 at least. I also thought that long trade from a bullish bounce t 0.7123 if reached would look attractive.

I was wrong on both counts: bulls in the end made another higher low and pushed the price up past even the resistance level at 0.7223 which initially held for a couple of hours.The technical picture now seems to have come full circle, as after rising quite strongly over the past week to exceed even the round number at 0.7300,

Read more:
DailyForex »

Rivals.com - Rivals Rankings Week: Where things stand with the 2023 five-stars

Read more >>

China data beats expectations besides Retail Sales miss, AUD/USD holds around 0.7200The Gross Domestic Product (GDP) released by the National Bureau of Statistics of China has been released as follows: China GDP (YoY) Q4 4.0% (est 3.3

BTC/USD Forex Signal: Neutral Outlook with Bearish BiasThe $BTCUSD pair moved sideways during the weekend as investors attempted to buy the dip following last week’s major crash. Bitcoin Forex

AUD/USD Price Analysis: Bears pressure 0.72 the figure, eyes on key employment dataAUD/USD Price Analysis: Bears pressure 0.72 the figure, eyes on key employment data By ross_burland AUDUSD Technical Analysis Commodities DollarIndex

AUD/USD stays pressured at 0.7200 amid upbeat China GDP, softer Retail Sales and risk-off moodAUD/USD stays pressured at 0.7200 amid upbeat China GDP, softer Retail Sales and risk-off mood By anilpanchal7 AUDUSD RiskAppetite China GDP Coronavirus

EUR/USD Forex Signal: Break and Retest Pattern to FormThe EUR/USD pair retreated slightly on Friday after the US published relatively weak retail sales numbers.

GBP/USD Forex Signal: Pullback to 1.3600 LikelyThe $GBPUSD pair attempted to make a comeback on Monday as concerns about the Boris Johnson administration remained.

that occurs at the given levels.economic event would have an impact on the Forex market.Bitcoin , the biggest cryptocurrency in the world, has been under intense pressure in the past few weeks.AUD/USD will start the week after a poor performance over the last couple of days.

Advertisement Trade AUD/USD Now AUD/USD Analysis I wrote last Tuesday that the technical picture was basically weakly bearish. I thought that if the price got established below 0. Information on these pages contains forward-looking statements that involve risks and uncertainties.7177 it would probably fall to 0. In November, the Fed decided to start tapering its asset purchase program.7150 at least. You should do your own thorough research before making any investment decisions. I also thought that long trade from a bullish bounce t 0.  DXY daily charts While the upside was forecasted, there could still be some more to go on a break of the 38.

7123 if reached would look attractive. It also does not guarantee that this information is of a timely nature. For one, minutes published this month showed that officials were considering implementing about three rate hikes this year. I was wrong on both counts: bulls in the end made another higher low and pushed the price up past even the resistance level at 0.7223 which initially held for a couple of hours. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The technical picture now seems to have come full circle , as after rising quite strongly over the past week to exceed even the round number at 0. The data revealed that the headline consumer inflation data rose to 7% as most analysts were expecting.7300, the price has fallen again and is encountering similar pivotal support and resistance levels, most notably the old resistance level at 0. The author will not be held responsible for information that is found at the end of links posted on this page.  This leaves the outlook for AUD/USD bearish, as follows: A break 0.

7223 is still in play. In fact, this resistance level is forming the upper boundary of what appears to be a symmetrical bearish head and shoulders pattern, with the lower neckline boundary at about 0. The author has not received compensation for writing this article, other than from FXStreet. Bitcoin and other risky assets tend to underperform in a period of high-interest rates.7196 . This suggests that the thing to watch for here is to see which happens first: A bullish breakout above 0. The author makes no representations as to the accuracy, completeness, or suitability of this information.7223 which will suggest the price will continue to rise, or A bearish breakdown below approximately 0. On the other hand, the bullish inverse head and shoulders could play out as follows: A move to the upside from the trendline support could be the start of the makings of the pattern.

7190 which will suggest the price will continue to fall. Errors and omissions excepted. It looks like this will be a good Forex currency pair to trade today as the price action seems clean and with a healthy volatility, on what is likely to be a quiet Monday, especially due to today being a public holiday in the USA. There is nothing of high importance scheduled today concerning either the AUD or the USD.. It is a public holiday today in the USA. .  Information on these pages contains forward-looking statements that involve risks and uncertainties.