- Analytics
- News and Tools
- Market News
- AUD/USD Price Analysis: Bulls are testing channel resistance, meeting the bears
AUD/USD Price Analysis: Bulls are testing channel resistance, meeting the bears
- AUD/USD rallied to fresh bull cycle highs in North America but the bears are now moving in.
- AUD/USD bears seek a 50% mean reversion that meets prior resistance beat 0.6815, a level that guards 0.6800.
AUD/USD is higher by 1.6% and has rallied from a low of 0.6740 to a high of 0.6893 on the back of Tuesday's prelude event to Wednesday's Federal Open Market Committee meeting and interest rate decision.
However, while the data has been favourable to the bulls, there are technical structures forming that point to a meanwhile correction as the following analysis illustrates:
AUD/USD daily chart
The price is contained within a rising channel and is now pressing up towards the resistance of the same. Moreover, the W-formation, below, is a reversion pattern and the price could easily change course and move into the neckline for a test of support and bullish commitments:
AUD/USD H4 chart
The 4-hour chart is showing that the bears have already emerged:
A test below 0.6850 could be on the cards for the immediate future while a 50% mean reversion meets prior resistance beat 0.6815, a level that guards 0.6800.
© 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
