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- AUD/USD Price Analysis: Weekly resistance capping the Fed-led rally
AUD/USD Price Analysis: Weekly resistance capping the Fed-led rally
- AUD/USD is facing a wall of weekly resistance.
- The bears are moving in and there is a focus on the hourly correction targets.
AUD/USD rallied on Wednesday following the Federal Reserve's less hawkish than an expected rate hike. The pair has shot up to test a key area of resistance on the longer-term charts as illustrated as follows:
AUD/USD weekly chart
The M-formation is a reversion pattern and it has pulled in the price to test the neckline. At the time of writing, the pair is consolidating and a correction could be on the cards as traders await the end of the week's Nonfarm Payrolls key event.
USD/JPY H1 chart
The price is starting to correct and the above structures are confluence between the Fibonacci scales and prior resistance areas on the hourly chart.
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