AUD/USD has pulled again to a verrrry fascinating chart degree!
Will this retracement attract sufficient patrons to increase the pair’s longer-term pattern?
Right here’s what’s up on the 4-hour time-frame:
AUD/USD 4-hour Foreign exchange Chart by TradingView
AUD/USD had been grinding larger since April as commerce conflict fears light and the Dollar misplaced some shine. However that momentum hit a velocity bump this week with renewed greenback demand knocking the Aussie decrease.
Merchants are holding shut tabs on the U.S.-China commerce talks and any dovish vibes from the Fed. If danger urge for food picks up, commodity currencies just like the Aussie might catch a second wind, particularly towards secure havens just like the greenback.
Do not forget that directional biases and volatility circumstances in market value are usually pushed by fundamentals. In case you haven’t but executed your fundie homework on the Australian greenback and the U.S. greenback, then it’s time to take a look at the financial calendar and keep up to date on every day basic information!
AUD/USD just lately hit resistance close to .6625 and is now buying and selling nearer to the .6500 psychological deal with.
As you possibly can see, the world strains up with the S1 Pivot Level, the 61.8% Fib retracement of July’s upswing, and the underside of the ascending channel that’s been in play since mid-April.
Are we a chance to leap on AUD/USD’s uptrend?
If AUD/USD holds above .6500 and bullish candles begin displaying up, the pair might make one other push towards .6600, possibly even attain .6650 or the R1 Pivot Level close to .6670.
But when value stays under the 100 and 200 SMAs and breaks beneath .6500, that would sign the tip of the uptrend that began in April. From there, merchants may begin focusing on .6450 and .6400 as the following areas of curiosity.
Whichever bias you find yourself buying and selling, don’t overlook to apply correct danger administration and keep conscious of top-tier catalysts that would affect general market sentiment.
Disclaimer:
Please remember that the technical evaluation content material supplied herein is for informational and academic functions solely. It shouldn’t be construed as buying and selling recommendation or a suggestion of any particular directional bias. Technical evaluation is only one facet of a complete buying and selling technique. The technical setups mentioned are meant to spotlight potential areas of curiosity that different merchants could also be observing. Finally, all buying and selling selections, danger administration methods, and their ensuing outcomes are the only duty of every particular person dealer. Please commerce responsibly.
