Technical Analysis

AUD/USD Technical Evaluation: Bearish Reversal Try Invalidated

AUD/USD Technical Technique: FLAT

Aussie Greenback roars larger as markets react to Powell feedback

Counter-trend help break invalidated, vary prime again in play

Opting to attend for affirmation earlier than re-entering brief place

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The Australian Greenback managed to defend in opposition to one other try at re-establishing the longer-term down development, rebounding to overturn a break under counter-trend line help. The reversal got here courtesy of broad-based US Greenback promoting following feedback from Fed Chair Jerome Powell, which the markets interpreted to mark a dovish flip in ahead steering.

AUD/USD Technical Analysis: Bearish Reversal Attempt Invalidated

From right here, a each day shut above resistance within the zero.7303-38 space opens the door for a problem of August 21 excessive at zero.7382, adopted by former help within the zero.7452-61 zone. Alternatively, a flip decrease that clears help within the zero.7142-70 area opens the door for a retest of latest swing lows within the zero.7021-41 band. That barrier is strengthened by not too long ago damaged development line resistance-turned-support set kind late January.

The AUD/USD brief place activated at zero.7231 has been stopped out. Whereas bearish long-term positioning stays broadly intact, re-establishing publicity right here appears untimely. First, the markets appear decided to seek out causes to unwind long-USD publicity. Second, an actionable near-term promote sign is conspicuously absent. With that in thoughts, choosing the sidelines seems to be prudent for now.

AUD/USD TRADING RESOURCES

— Written by Ilya Spivak, Foreign money Strategist for DailyFX.com

To contact Ilya, use the feedback part under or @IlyaSpivak on Twitter


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