I pulled up the weekly because I see this as a great swing opportunity. The dollar remains strong and its broken the 0.7000 level. Price can go up back to the 0.7100 level but I think its likely to continue down. Weekly the bear bars consecutively have shown strong momentum to the downside. I don't see this reversing in a big way.
US interest rates will go up and geopolitical instability have driven demand. I don't see this theme changing anytime soon. Global growth needs to catch up with the US but there are a lot of headwinds. Inflation , Ukraine war, supply shortages, Covid lockdowns (China), and fed tightening to name a few will continue to make the US dollar a flight to safety.
The probability of AUD/USD getting to 0.6000 is higher because price broke the trading range between 0.7600 an 0.7000. The trend lower is very strong. . This level is significant. I enjoy using line charts because its much easier to find consolidation patterns and trends without all the noise in the market. Keeping things simple have always made me more profitable.
Stay humble and keep learning!
US interest rates will go up and geopolitical instability have driven demand. I don't see this theme changing anytime soon. Global growth needs to catch up with the US but there are a lot of headwinds. Inflation , Ukraine war, supply shortages, Covid lockdowns (China), and fed tightening to name a few will continue to make the US dollar a flight to safety.
The probability of AUD/USD getting to 0.6000 is higher because price broke the trading range between 0.7600 an 0.7000. The trend lower is very strong. . This level is significant. I enjoy using line charts because its much easier to find consolidation patterns and trends without all the noise in the market. Keeping things simple have always made me more profitable.
Stay humble and keep learning!