Taking a Closer Look at AUD/USD

Australia is China’s trading buddy, and right there next to New Zealand so today I’m looking at the AUD/USD pair which is still struggling to pierce through the daily Ichimoku cloud. Just like the NZD/JPY pair that I covered yesterday, the AUD/USD pair also appears to be in the process of forming a double bottom bearish reversal chart pattern.

AUDUSD

However, the Aussie is less bullish than Kiwi. Regardless, we may be able to see the pair at least travel through the Ichimoku cloud and test the neckline of the double bottom chart pattern which also falls on the all-important 50$ Fibonacci retracement level.

 


 

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