- Analytics
- News and Tools
- Market News
- AUD/USD Price Forecast: Breaks out of range and follows through to the upside
AUD/USD Price Forecast: Breaks out of range and follows through to the upside
- AUD/USD breaks out of the top of a range and rallies.
- It has reached an initial bullish target and there is a risk it could soon pull back.
AUD/USD breaks above its range highs and follows through to the upside on Friday.
It is in a short-term uptrend which given the principle that “the trend is your friend” is more likely to extend than not.
AUD/USD Daily Chart
The next target to the upside is 0.6988 (14 February ‘23 swing high), followed by 0.7156 in a bullish case (2 February ‘23 high).
The pair is not overbought according to the Relative Strength Index (RSI) momentum indicator and so has breadth for more upside.
AUD/USD has reached an initial upside target based on extrapolating the August rally from the base of the early September correction, higher by a 61.8% Fibonacci. This target lies at around 0.6115 and has already been surpassed. This could indicate the trend has no higher to go and the pair will pull back. There are no signs yet from price action that this is about to occur.
© 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
