AUD/USD the bias flips to bearish, risk-off to drive the pair lo
Sellers emerged at the first bespoke resistance level of 0.6807. The subsequent downside selling pressure has resulted in a bearish Outside Candle being seen on the 8-hour chart. The daily chart highlights most of the initial gains being overturned. This candle formation could be seen as an Inverted Hammer. Both formations are often seen at the top of a trend and at the start of a new downward bias.
From a technical perspective, it is far too early to analyse emerging patterns.
The first significant downside support level is located at 0.6618. With this support being between the 50 and 61.8% pullback level, the correction higher is sometimes mild before we drive lower towards 0.6498.
With the projected right shoulder of a possible bullish reverse Head and Shoulders pattern being located at 0.6535, close to the 78.6% pullback level of 0.6533, this is our preferred target/support.
The possible economic drivers for this currency pair are the Fed interest rate decision, policy statement, and press conference this evening, followed by Australian employment figures overnight.
From a technical perspective, it is far too early to analyse emerging patterns.
The first significant downside support level is located at 0.6618. With this support being between the 50 and 61.8% pullback level, the correction higher is sometimes mild before we drive lower towards 0.6498.
With the projected right shoulder of a possible bullish reverse Head and Shoulders pattern being located at 0.6535, close to the 78.6% pullback level of 0.6533, this is our preferred target/support.
The possible economic drivers for this currency pair are the Fed interest rate decision, policy statement, and press conference this evening, followed by Australian employment figures overnight.