FX.co ★ AUD/USD

AUDUSD Chart Review: This review examines the price movement of the AUD/USD pair over time. On the H4 timeframe, the pair appears to be moving slowly within a wide channel. As you can see, there are no bearish signals on the H4 timeframe. The price has broken through the lower limit, then returned to the middle, forming a descending zigzag pattern. Technically, this is positive, but it was not confirmed by yesterday's bearish update as the price recovered some of its losses without hitting new lows later this month. However, there is a breakout from the lower limit on the H1 timeframe, suggesting potential selling pressure. It would be wiser to follow the sellers rather than buy this pair. Furthermore, a descending wave is already beginning to appear. This method predicts that the zigzag pattern will reverse near the middle (around 0.71600) and then decline (indicated by the blue arrow on the screen). Let's see what the sellers will do. This could coincide with a Federal Reserve meeting. Australia has raised interest rates to their highest level in the last 10 years, but has remained silent. A rising support level and the formation of a descending flag pattern have been observed.

If this strategy is successful, this currency pair could decline from the 0.70190 level to the important support level of the 200-day exponential moving average (EMA). Subsequently, a sell signal would reach the resistance level of the 50-day EMA at 0.71340, and this signal would be strengthened if the price falls below the previous support level of 0.70890. For now, this currency pair is expected to continue its downtrend, but this trend would stop if it rises above 0.71340. The market is awaiting an announcement from the Reserve Bank of Australia in Moscow in the next 6 to 30 hours. Volatility may increase.