Australian Dollar Forecast: AUD/USD Plunges to Technical Support

australian dollar forecast aud usd plunges to technical support

Sumary of Australian Dollar Forecast: AUD/USD Plunges to Technical Support:

  • The losses take price into a critical downtrend support slope and while the broader risk remains weighted to the downside, the immediate decline may be vulnerable in the days ahead.
  • These are the updated targets and invalidation levels that matter on the AUD/USD weekly price chart.
  • Australian Dollar Price Chart – AUD/USD WeeklyChart Prepared by Michael Boutros, Technical Strategist;
  • AUD/USD on TradingviewNotes: In last month’s Australian Dollar Weekly Price Outlook we noted that AUD/USD had, “broken below yearly uptrend support with the broader risk weighted to the downside while within this formation.
  • ” Aussie rallied into the median-line the following week with price registering a high at 7617 before turning lower – the decline is now pressing deep into the lower parallels of the descending pitchfork formation we’ve been tracking off the yearly highs.
  • A break lower from here would risk another bout of accelerated Aussie losses with such a scenario exposing the 1.618% Fibonacci extension of the yearly decline at 7122 and key support at the 2020 &
  • 2019 yearly opens / 38.2% retracement at 7016/52.Bottom line: The Australian Dollar sell-off has plunged into confluent trend support and leaves the broader short-bias vulnerable while above this key technical threshold- it’s make-or-break here.

Want to know more click here go to source.

From -

Close
Generic selectors
Exact matches only
Search in title
Search in content

Site Language


By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close