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.