Bulls rise to 0.7180
The Australian dollar rallied against the US dollar during the US trading session as currency risk turned positive again and the US equity market rallied. The price of AUD / USD is moving through the midpoint of the area between 0.71 and 0.7180.
AUD / USD could correct towards 0.7180 if the bears do not immediately engage.
The bears will look for a weekly extension to the downside to ease the imbalance towards the 0.68 number.
AUD / USD weekly chart
The bias is to the downside from a weekly perspective, as the price reached the Fibonacci retracement level of 38.2% on a retest of the previous support that turned into resistance. In the meantime, if the bears take over, mitigation of the previous imbalance towards 0.68 will be at stake.
AUD / USD daily chart
The price of the AUD / USD pair rises in the forex market to test the resistance of the double top with 0.7180 seen. If this continues, the fall will be favored according to the weekly chart.
By Ross J Burland, FXStreet
Ross Burland started his FX career outside the City of London in 2001. Originally employed by the FX department of Sucden (UK) Ltd as Corporate Sales and Junior Dealer (an FSA qualified investment advisor), Ross has finally executed the institutional FX spot. in the market. -Create an office prior to being hired to join Investec Bank’s foreign exchange department on Gresham Street in a client trading / sales role, specializing in corporate treasury management and specialty finance.
The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you need to do your own research when making a decision.
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