AUD/USD Price Analysis: Bullish channel in tact, (RBA on hold sentiment)


  • AUD/USD bull channel intact and the resistances are well mapped out to target.
  • Subsequent downside follow-through will open up the 61.8% Fibo.

Following yesterday's jobs data and another improvement in the unemployment rate, the bulls are back in the picture, thrown a lifeline and some more time to bail out a sinking ship. 

Looking to the charts, we can see that the bullish channel is still very much intact. 

As per yesterday's analysis, the bulls can now look to a break of the prior resistance at 0.6880 and then a full reversal of the top of the RHS of the H&S which will put them in good stead for a continuation of the bullish trend. 

On the flipside, as per yesterday's pre jobs data release, the bears can target the golden ratio as the 61.8% Fibonacci retracement target, 0.6820 area which will be expected to hold the initial tests. A subsequent break there will be game over the committed bulls and 0.66 will be on the cards. 0.6800 will give way to 0.6755 November low ahead of the target the 0.6671 October low

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD rebounds after dismal US PMIs

EUR/USD is trading closer to 1.0850, rising in response to weak US PMIs, with the services one pointing to contraction. Earlier, German Manufacturing PMI beat estimates. 

EUR/USD News

GBP/USD advances to 1.2950 after US data

GBP/USD is trading around 1.2950, taking advantage of US weakness stemming from a downfall in Markit's Services PMI in the US. In Britain, the Manufacturing PMI exceeded estimates. 

GBP/USD News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Consolidation process underway

The Crypto board continues to be immersed in an emotional leg-breaking, consistently punishing the emotional state of the traders with its continuous changes of direction.

Read more

XAU/USD unstoppable, breaks to fresh 2020 highs, approaching $1650/oz

XAU/USD is trading in an uptrend above its main daily simple moving averages (SMAs) while breaking above a bull channel. Gold is printing fresh 2020 highs hitting $1646.64 per ounce on an intraday basis.  

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex MAJORS

Cryptocurrencies

Signatures