AUD/USD: A potential reverse price pattern to the upside

Denis Joeli Fatiaki Independent Analyst

What happened in the last 24 hrs of the trading session?

AUD/USD: The Australian dollar continued its downward march and fell below 0.72306 but managed to bounce at 0.72120 and pushed prices back up into the price channel.

What is going on now?

AUD/USD: The Australian dollar managed to hold above 0.72306 and is now attempting to break above 0.72660 resistance. The next resistance is at around 0.72980.

Our forecast

AUD/USD: The Australian dollar is starting to show some interest to the upside; however, It needs to break and maintain above 0.72660 to progress to its first target of 0.72980. The daily time frame reveals a potential reverse signal to the upside. If it fails to continue above 0.72660 then It would bounce between 0.72660 and 0.72120 until it breaks out.

It is good practice to apply a stop loss to all your trades to protect your capital in case the market moves against your position.

Support: 0.72306, 0.72120

Resistance: 0.72660, 0.72780, 0.72980, 0.73237, 0.73500

Estimated price target: 0.72980, 0.73237, 0.73500

The short-term view of the price action in the four-hour price chart highlights the direction of the trend and the support and resistance price points

The short-term view of the daily price action in the price chart highlights the direction of the trend and the support and resistance price points

Author

Denis Joeli Fatiaki

Independent Analyst

Denis Joeli Fatiaki possesses over a decade of extensive experience as a multi-asset trader and Market Strategist.

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