AUD/USD – The Pair Giving Bearish Signals With Double Top Pattern
Take Profit: 0.6600
Stop Loss: 0.6730
Timeline: 1 day
Buy Stop: 0.6885
Take Profit: 0.6750
Stop Loss: 0.6800
The pair was falling due to the possibility of RBA taking a brief pause for interest rate hikes in the month of April. And the drop was accelerated by the Dollar getting a boost ahead of the Fed decisions. After announcing 6 rate hikes in a row RBA may finally take a break as they have decided to take some time to assess the impact of the constant rate hikes on the Australian economy.
But the rate hikes can also go on if they end up with a decision to keep it going until the inflation is brought down to desired levels. This was the hint that we got from the RBA minutes that got released. We will get more clarity once the Fed gives a clear statement about its policy as everyone is watching what action would be taken to deal with the crisis in the Banking sector. The Fed is likely to raise the interest rate by 0.25% to maintain a balance in this difficult situation.
On the charts, we saw the Aussie Dollar pair falling below the key support level at 0.6670 and also retreated beneath the 25-period MAs. We did see the pair forming a tiny double top pattern at level 0.6730 with its neckline touching 0.6564. Then the price apparently pulled back and fell to 0.6656. A bearish crossover was formed by the MACD signal lines as we observed the histogram turning red. So, the pair is giving clear bearish signals as per the current situation.
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