The AUD/USD currency pair has been driven by downside risks since June 13. The exchange rate was pressured south after hitting the upper boundary of a descending channel.
As a result, bears pushed the exchange rate down towards the bottom border of the aforementioned pattern. Also, a breakout could occur through the lower boundary of the channel down during the following trading session.
It is likely that the Australian Dollar tries to make U-turn north within the next session; however, the strength of the Greenback against other major currencies might not allow such move to take place today.
As a result, bears pushed the exchange rate down towards the bottom border of the aforementioned pattern. Also, a breakout could occur through the lower boundary of the channel down during the following trading session.
It is likely that the Australian Dollar tries to make U-turn north within the next session; however, the strength of the Greenback against other major currencies might not allow such move to take place today.
Comment:
Downside momentum continues to drive the Australian Dollar lower against the US Dollar. As a result, the exchange rate has reached a one-year low level near the 0.7351 mark.
After reaching the 55-hour simple moving average at 0.7403, the currency pair reversed south. By the middle of Wednesday session, the rate was stranded between the 55-hour SMA and the weekly pivot point at 0.7381.
The overall market sentiment still remains bearish; therefore, the AUD/USD currency exchange rate is likely to continue to depreciate during the following trading sessions.
After reaching the 55-hour simple moving average at 0.7403, the currency pair reversed south. By the middle of Wednesday session, the rate was stranded between the 55-hour SMA and the weekly pivot point at 0.7381.
The overall market sentiment still remains bearish; therefore, the AUD/USD currency exchange rate is likely to continue to depreciate during the following trading sessions.
Comment:
The Australian Dollar has remained stable against the US Dollar on Wednesday. A move above 0.74 was limited by the 55-hour simple moving average which is providing resistance for the pair at 0.73.
It is likely that the exchange rate tries to edge higher within this session. However, it has to surpass the aforementioned resistance cluster set by the 55-hour SMA and the weekly Pivot point.
Given that the AUD/USD currency exchange rate has moved closer to the upper boundary of a descending channel, a breakout could be expected within this trading hours.
It is likely that the exchange rate tries to edge higher within this session. However, it has to surpass the aforementioned resistance cluster set by the 55-hour SMA and the weekly Pivot point.
Given that the AUD/USD currency exchange rate has moved closer to the upper boundary of a descending channel, a breakout could be expected within this trading hours.
Comment:
The Aussie has shown high volatility against the US Dollar on Friday, during this period, the pair breached the weekly pivot point located near the 0.7415 mark. Also, the currency pair is trading in a rising wedge pattern.
By mid-Monday, the currency pair was stranded between a resistance level formed by the 200-hour simple moving average and a support level set by the weekly pivot point located at0.74414 and 0.7415 respectively.
Regarding near future, the AUD/USD currency exchange rate is likely going to break out from the rising wedge during the following trading session. Market sentiment shows that a breakout south is likely.
By mid-Monday, the currency pair was stranded between a resistance level formed by the 200-hour simple moving average and a support level set by the weekly pivot point located at0.74414 and 0.7415 respectively.
Regarding near future, the AUD/USD currency exchange rate is likely going to break out from the rising wedge during the following trading session. Market sentiment shows that a breakout south is likely.
Comment:
Even though flashing bullish signs on Monday, bearish sentiment took control of the market during the second part of the day, as the 200-hour simple moving average pressurized the currency pair lower toward the lower boundary of an ascending junior pattern.
By mid-Tuesday, the exchange rate was stranded between SMAs. The 55-hour simple moving average combined with the weekly PP at 0.7419 was providing resistance for the pair while the 100-hour SMA was proving support.
Everything being equal, a breakout through the bottom border of the junior ascending pattern could be expected within this session.
By mid-Tuesday, the exchange rate was stranded between SMAs. The 55-hour simple moving average combined with the weekly PP at 0.7419 was providing resistance for the pair while the 100-hour SMA was proving support.
Everything being equal, a breakout through the bottom border of the junior ascending pattern could be expected within this session.
Comment:
Bears dominated the AUD/USD currency pair on Tuesday. This downside momentum began after the rate hit a resistance cluster formed by the 55– hour simple moving average and the weekly pivot point near the 0.7415 mark.
Given that the pair has revealed new downtrend channel, it is likely that the journey south could continue in the short-term.
Technical indicators flash bearish signals today. Nevertheless, taking into consideration that the price action is located below all three SMAs, the currency exchange rate could decline further south during this session. However, It should be noted that this assumption could be disrupted by fundamentals event today.
Given that the pair has revealed new downtrend channel, it is likely that the journey south could continue in the short-term.
Technical indicators flash bearish signals today. Nevertheless, taking into consideration that the price action is located below all three SMAs, the currency exchange rate could decline further south during this session. However, It should be noted that this assumption could be disrupted by fundamentals event today.
Comment:
The previous expectations for the AUD/USD currency pair have been fulfilled. The pair continued to depreciate throughout Wednesday’s session and also breached the monthly S2 at 0.7336. However, the Australian Dollar has stopped its decline against the US Dollar after tested the pivot point.
By the middle of Thursday's trading session, bulls started showing their presence in the market, as the exchange rate began making an upside movement toward the 55-hour simple moving average.
Everything being equal, the pair is likely to plummets further downward toward the lower boundary of a downtrend channel today.
By the middle of Thursday's trading session, bulls started showing their presence in the market, as the exchange rate began making an upside movement toward the 55-hour simple moving average.
Everything being equal, the pair is likely to plummets further downward toward the lower boundary of a downtrend channel today.
Comment:
Bulls managed to regain some of their lost positions on Thursday, as the currency pair bounced off from the monthly support level at 0.7336 and managed to break out from the upper boundary of a descending pattern.
By the first half of Friday’s session, the exchange rate has breached the 55-,100-,200-hour SMAs. The nearest resistance that could hinder that could hinder the bullish momentum is located near the 0.7415 mark.
Technical indicators demonstrate that the bearish sentiment is likely to come into play before the end of today session.
By the first half of Friday’s session, the exchange rate has breached the 55-,100-,200-hour SMAs. The nearest resistance that could hinder that could hinder the bullish momentum is located near the 0.7415 mark.
Technical indicators demonstrate that the bearish sentiment is likely to come into play before the end of today session.
By the European session on Tuesday, the Australian Dollar was trading in a newly formed narrow channel against the US Dollar. Furthermore, the Aussie is still showing some downside sentiment today.
Bears might target could target a support at 0.7336 set by the monthly pivot point during the following trading session.