The Australian Dollar plummeted greater than 2.2% in opposition to the US Dollar since from the October highs with value responding to confluence help this week. Whereas the broader danger stays decrease, the rapid focus is on this near-term restoration in value. These are the up to date targets and invalidation ranges that matter on the AUD/USD value charts. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this Sterling value setup and extra.
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Australian Greenback Value Chart – AUD/USD Every day
Chart Ready by Michael Boutros, Technical Strategist; AUD/USD on Tradingview
Technical Outlook: In my newest Australian Dollar Price Outlook we highlighted, “Key resistance regular at 6880 with a breach / shut above wanted to gas the subsequent leg greater in value concentrating on 6927.” Aussie ripped greater into the shut of October with value registering a excessive at 6929 earlier than turning decrease to breaking channel help early within the month. The decline responded to confluence help this week at 6768/70– the place the 61.8% Fibonacciretracement of the month-to-month decline and the yearly low-week shut converge on the median-line of the broad descending pitchfork formation we’ve been monitoring off the 2017 / 2018 swing highs.
Australian Greenback Value Chart – AUD/USD 120min
Notes: A…