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AUD/USD Technical Evaluation: Aussie Greenback Downtrend Resuming?

AUD/USD TECHNICAL OUTLOOK: NEUTRAL

Bearish Night Star candle setup at resistance precedes AUD reversalCosts poised to interrupt month-to-month uptrend, try downtrend resumptionComply with-through could re-engage structural decline following retracement

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Jan 14

( 03:01 GMT )

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The Australian Greenback recoiled downward after placing in a bearish Night Star candlestick sample at resistance marked by the highest of a rising channel broadly containing worth motion since early October 2019. The forex has now traded by means of assist guiding December’s rally and appears poised to safe a break again under former resistance within the Zero.6930-39 zone.

Confirming the breach on a day by day closing foundation would set the stage for a descent right into a thicket of back-to-back assist ranges alongside the way in which to the channel ground, now only a hair above the Zero.68 determine. Securing a foothold under that will make a compelling argument for draw back follow-through because the long-term downward pattern is re-engaged in earnest.

Australian Dollar vs US Dollar price chart - daily

Every day AUD/USD chart created with TradingView

Certainly, turning to the month-to-month chart suggests there may be ample scope for weak point on the horizon. Though December delivered the biggest rise in 2.5 years, the transfer conspicuously fell simply wanting breaking again above the higher layer of support-turned-resistance at Zero.7018. This hints that current good points have been corrective earlier than resumption of structural Aussie depreciation places the Zero.6009-Zero.6352 zone into the highlight.

AUD/USD Technical Analysis: Aussie Dollar Downtrend Resuming?

Month-to-month AUD/USD chart created with TradingView

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— Written by Ilya Spivak, Forex Strategist for DailyFX.com

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


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