AUD/USD was one of the bullish pais throughout final 12 months, climbing greater than 20 cents from the underside to the highest, because the USD
AUD/USD was one of the bullish pais throughout final 12 months, climbing greater than 20 cents from the underside to the highest, because the USD saved declining. Within the second half of final 12 months the restrictions elevated in Australia, that are nonetheless entering into some areas, however the AUD saved climbing greater quicker than most main currencies.
Though, the bullish pattern got here to an finish by the final week of February after it flushed some weak stops above the massive spherical degree at $0.80. This pair misplaced practically 5 cents till the primary day of April and turned bullish once more final month.
AUD/USD Reside Chart
AUD/USD
Though, the bullish pattern wasn’t as robust which signifies weak point from patrons. Within the final two days although, the pattern modified once more and this pair misplaced round 120 pips, because the USD turned bullish once more. It could possibly be the month-end flows, however the reversal right this moment appears to be like weak too.
This pair reversed greater and was discovering resistance on the 20 SMA (grey) final night time, which was ultimately damaged. Though, now AUD/USD is discovering resistance on the 50 SMA (yellow) on the H1 chart and the stochastic indicator is overbought, so we determined to open a promote foreign exchange sign beneath it, hoping that the retrace up is over. Now let’s wait and see if a bearish reversal will happen.