5-Minute Stocks & Cryptocurrency Market Update – Both Markets Rally [Video]
|Taking a Closer Look at AUD/USD
Today I’m looking at the AUD/USD pair which completely failed to break above the daily Ichimoku cloud and the 50% Fibonacci retracement level of 0.6880. Instead, it now appears to be forming a double top bearish reversal chart pattern. On the other hand, the future Ichimoku cloud is turning slightly bullish.
So if the drops are capped at the 23% Fibonacci retracement level of 0.6779 or even the key support of 0.6691, the pair could give the longer-term bullish move another try. At this point, a break below 0.6691 is unlikely. Of course, trading in the financial markets involves a risk of loss and you should only trade the money you can afford to lose.
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