On the daily chart below, we can
see that the price bounced near the key support at 0.6563 and eventually spiked
up as the RBA surprised with an interest rate hike. The price action remains
choppy as central banks are near the end of their tightening cycles and the
market is uncertain on what’s next.
The economic data keeps sending
conflicting messages and the volatility is high around the regional banking
woes in the US. AUD is sensitive to risk sentiment, so traders will need to
ride the ups and downs in the market’s mood.
On the 4 hour chart below, we can
see more closely the ugly choppiness in the pair in the last 2 months. This may
be a big double
within a correction which could be a stronger signal of a continuation to the
downside, but the risk sentiment should turn sour to make the price to break
below the support and increase the bearish momentum. Today we have the ISM Services PMI and
the FOMC policy announcement, so watch out.
On the 1 hour chart below, we can
see that the price is now consolidating in a little box testing the trendline and the 61.8% Fibonacci
retracement level. This is where the buyers should step in to
try another push to the upside. The sellers, on the other hand, will want to
see the price to break below the trendline to start piling in and target the
support at 0.6563 or even a new lower low.
This article was written by ForexLive at www.forexlive.com.
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