AUD/USD – The Pair Under Pressure and Giving Strong Bearish Signals
Take profit: 0.6750
Stop loss: 0.6950
Timeline: 1-2 days
Buy stop: 0.6900
Take Profit: 0.7000
Stop Loss: 0.6800
The AUD/USD pair has been under pressure and fell to its lowest point since January 6th. Once the pair descended below the 50-period Moving Average, we could see on the charts that it was forming a head and shoulders pattern. Given that the price has fallen and crossed the key support level at 0.6870, this signal is typically bearish in technical analysis. With the Average Directional SIgnal rising above 25, the downtrend appears to be somewhat strong.
Given the overall gloomy outlook, the pair is most likely to drop further in favour of the bears.
Owing to the gloomy economic data, RBA is anticipated to proceed with aggressive rate hikes. Australia’s labor market is struggling, and the economy is still experiencing inflation at a rate of 7.8%. At the moment, attention is focused on the impending minutes, which could reveal additional detail about the Fed’s agenda for further rate hikes. Another reason for the fall of the pair was USD getting a boost from strong economic data. The DXY has also recovered all its prior losses and recorded gains. So, in totality the AUD/USD pair is giving bearish signals and will continue to fall if the downtrend prevails.
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