AUD/USD: Australian dollar breaks out of the falling wedge with a potential reverse signal to the upside
What is going on now with AUD/USD?
AUD/USD: The Australian dollar consolidated at 0.72330 and 0.72170 for six hours in yesterdays session before falling to 0.71905 support in the 60 minutes price chart. The pair managed to recover at 0.72000 and pushed its way back up to 0.72075. The Australian dollar has gained 332 points in the past eight hours and currently trades at 0.72294 pushing towards 0.72330 resistance.
Our forecast
AUD/USD: The Australian dollar is now out of the falling wedge and trades on a broader price range at 0.72330 and 0.72075. The pair has also indicated in its price action a potential reversal to the upside. However, the Australian dollar needs to break and remain above 0.72330 to proceed further to the upside. The next major resistance is estimated at 0.72605. The Australian dollar could pull back to 0.72170 and 0.72075 if it fails to continue at 0.72330.
Support/short target - 0.72170, 0.72075, 0.7200, and 0.71905
Resistance/Long Target-0.72330, 0.72530, 0.72605, and 0.72775
We explain the market movements and its potential next move to help and guide you to possibly make the right decision on when to enter, apply to stop loss to protect your capital, take profit and exit your position.
Our trade signals are posted on to our Telegram channel on a regular basis as per the link below.
https://t.me/joinchat/AAAAAFBM7dEWfBHez8KNJA
Chart 1: The short-term view of the AUD/USD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points
Chart 2: The short-term view of the AUD/USD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
AUD/USD holds above 0.6500 in thin trading
The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.
EUR/USD comfortable below 1.0800 lower lows at sight
The EUR/USD pair lost ground on Thursday and settled near a fresh March low of 1.0774. Strong US data and hawkish Fed speakers comments lead the way ahead of the release of the US PCE Price Index on Friday.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.
Google starts indexing Bitcoin addresses
Bitcoin address data is live on Google search results after users realized on Thursday that the tech giant started indexing Bitcoin blockchain data. However, mixed reactions have followed the tech giant's reversed stance on the cryptocurrency.
A Hollywood ending for fourth quarter GDP
The latest revisions put Q4 GDP at 3.4%, the second fastest quarterly growth rate in two years. Much of the upside was attributable to stronger consumer spending, yet fresh profits data affirmed it was a good quarter for the bottom line as well with profits up by the most since the Q2-2022.