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.

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