AUD/USD In The Buyer’s Territory!

AUD/USD In The Buyer’s Territory!

AUD/USD remains bullish in the short term despite the last strong decline. It’s traded at 0.7747 level versus 0.7764 yesterday’s high.

The price slips lower at the time of writing only because the US Dollar Index has rebounded a little. Today, we may have high volatility on all markets during the ECB. Also, the US Unemployment Claims, Existing Home Sales, and the CB Leading Index could bring life on AUD/USD.

AUD/USD H4 Chart Analysis!

AUD/USD found strong support on 0.7705 level, right below the median line (ML) and now it looks to trade higher. A temporary decline was expected after AUD/USD reached the median line (ml) of the minor ascending pitchfork.

Maybe the pair will come back down in the short term to retest the major median line (ML) before resuming its growth. Stabilizing above the descending pitchfork’s median line could bring a new upside momentum.

Conclusion!

Its failure to stabilize under the median line (ML) of the descending pitchfork in the last attempts signals that AUD/USD could resume its growth.

 

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Author : Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.