AUD/USD A possible correction for the Aussie?
Technical analysis
1DTF shows us a downward bearish trend. The Aussie reached the support level at 0,7000 and after the monetary policy the pair tried to break the 23,6% Fibo correction level (0,7020)
There is a possibility that the pair is forming a ‘double bottom’ pattern with 0,7070 as a confirmation line
MACD shows us that the histogram is rising and the MACD lines are ready to intersect each other
As a result it will be possible to open long positions after the pair confirms the correction up. One of possible signals to open positions up is a break through the 9-EMA (0,7030). In this case the target could become 0,7056 (38,2% Fibo correction) and after that 0,7086.
Fundamental analysis
The most important news is released this week on Thursday and on Friday when the US inflation is published. Economists expect that the US PPI will slow down and be released at +0,2%, CPI for April is expected at the same level as in March +0,4%.
1DTF shows us a downward bearish trend. The Aussie reached the support level at 0,7000 and after the monetary policy the pair tried to break the 23,6% Fibo correction level (0,7020)
There is a possibility that the pair is forming a ‘double bottom’ pattern with 0,7070 as a confirmation line
MACD shows us that the histogram is rising and the MACD lines are ready to intersect each other
As a result it will be possible to open long positions after the pair confirms the correction up. One of possible signals to open positions up is a break through the 9-EMA (0,7030). In this case the target could become 0,7056 (38,2% Fibo correction) and after that 0,7086.
Fundamental analysis
The most important news is released this week on Thursday and on Friday when the US inflation is published. Economists expect that the US PPI will slow down and be released at +0,2%, CPI for April is expected at the same level as in March +0,4%.