FX.co ★ AUD/USD

AUDUSD Intraday Forecast: We are currently analyzing the price movement of the AUD/USD pair. This includes monitoring the weekly chart of this pair. Notably, it bounced off certain resistance levels and broke through certain support levels. This could suggest increased selling pressure and the possibility of a downward correction to the price support level. However, contrary to the initial expectation of a continued decline, the pair quickly rose to the middle of the range. Further gains were anticipated, but a small correction may occur around certain levels. Over the past few weeks, we have seen rises after previous declines, forming what appears to be an expanding triangle, suggesting a potential decline. Considering the above information, the Australian dollar is in an uptrend. On the daily chart, despite the appearance of a corrective pattern in the last candlestick, the overall situation appears positive within the upwave and channel. A possible scenario is that the Australian dollar will fall to certain support levels, creating a buying opportunity upon reversal. However, it is difficult to pinpoint specific targets, so a more detailed analysis on shorter timeframes is needed.

Even the downward pressure from Federal Reserve policies has not been able to break this pattern, demonstrating the resilience of the uptrend. Technically, the breakout is bullish, and the pattern should complete towards a specific resistance level. However, this assumption requires clearer indicators. If a bullish trend is unlikely, a breakout above a specific support level is needed, which poses a risk to buyers. A breakout above a certain level is crucial to negate a bearish trend. A broader analysis of the AUD/USD pair suggests an upward trajectory. The decisive range includes a specific support level, reinforcing bullish sentiment. A buy entry would be considered if the high is consolidated above a specific level, indicating a buy opportunity with a protective stop-loss order placed at the identified low.