- Analytics
- News and Tools
- Market News
- AUD/USD Price Analysis: Bulls stepping in and eye a significant correction
AUD/USD Price Analysis: Bulls stepping in and eye a significant correction
- AUD/USD is stalling on the offer and the bulls eye the Fibonacci scale.
- A significant correction could be on the cards for the days ahead.
AUD/USD is correcting the heavy losses from the start of this week and is higher by some 0.2% at the time of writing after rallying from a low of 0.7169 to a high of 0.7191 so far. The following illustrates the potential for an upside recovery into test the prior lows from current support on the daily time frame and how this might play out on the hourly:
AUD/USD daily chart
The price has fallen into a demand area on the daily chart where a phase of accumulation could playout for the days ahead. In doing so, the price n the lower time frames would be expected to form a bullish market structure from which bulls will be looking to engage from with a view to mitigating the price imbalance left behind from the past few sessions of supply.
AUD/USD H1 chart
On the other hand, should the US dollar continue to firm, then a break of the current lows opens prospects of a break of 0.70 the figure for the days ahead:
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
