AUD/USD was actually bullish final 12 months, growing from round 55 to above 78 by the primary week of January. Shifting averages had been doing a
AUD/USD was actually bullish final 12 months, growing from round 55 to above 78 by the primary week of January. Shifting averages had been doing an amazing job on the H4 chart throughout that point, as proven above, however they had been damaged through the pullback decrease.
The worth slipped under these MAs later in January and the 50 SMA (yellow) changed into resistance for a while, earlier than the bullish pattern resumed once more. This week, the worth moved above the shifting averages because the USD resumed the decline and patrons got here again once more.
At the moment we noticed a slight pullback down, which took AUD/USD 50 pips decrease to the 20 SMA (gray) on the H4 chart, which is offering help. On the H1 chart above, the 100 SMA (inexperienced) is appearing as help and the worth is beginning to bounce off this shifting common now, so we determined to open a purchase foreign exchange sign because the predominant pattern is bullish and the retrace decrease appears full.
AUD/USD is bouncing off the 100 SMA now