AUD/USD – Continue to Move With Bearish Sentiment

Bullish View

• Buy Stop: 0.7095
• Take Profit: 0.7150
• Stop Loss: 0.6950

Bearish View

• Take Profit: 0.6965
• Stop Loss: 0.7125
• Timeline: 1-3 days

The AUD/USD pair was only showcasing strong bullish trends on daily charts for the past few days. An analysis using fibonacci retracement tells that the pair has moved to 61.8%. The 25-day and 50-day EMAs are also supporting the uptrend. The RSI was on the rise until now and is signalling an overbought situation for the pair. So as per technical analysis, the Aussie pair will continue to rise and this can be a good opportunity to buy the pair. The short term outlook is bearish for the pair and the upcoming data releases and decisions of the Federal Reserve will drive more action for the pair.

Forex Forecast

• EUR/JPY: There is choppiness with the pair sitting in tight range.
• EUR/GBP: The pair continue to move up with a weak Pound.
• AUD/USD: The Aussie pair sliding towards 0.7000
• ETH/USD: Ethereum price may see an uptrend in the new month.
• BTC/USD: Can expect a correction with the BTC price drop.
• EUR/USD: The market has established a drop structure to 1.0838.
• XAU/USD: With swings around $1,928 the gold price (XAU/USD) reflects the customary pre-Fed nervousness.
• GBP/USD: The market seems choppy as the pair trades sideways.
• USD/CHF: USD/CHF holds ground near 0.9160
• NZD/USD: NZD/USD is anticipated to experience a new decline moving forward.

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