Will bulls be able to save AUDUSD as it halts its decline?
“Greenback retraced slightly, but for how long?”
Most non-US currencies took a breather as dollar-bulls paused its rally below 20-years high. Nonetheless, market expectations towards Federal Reserve remains optimistic as the central bank is expected to raise interest rates further. Moreover, rising concern over global recession has prop up the greenback due to its nature as one of the safe havens.
Quick recap on AUDUSD
Overall, the pair remains traded in a downtrend due ongoing bearish pressure in the larger timeframe.
AUDUSD Weekly Technical Analysis
From weekly perspective, the pair has recently closed outside of descending channel, signalling for a possible extension towards the downside.
AUDUSD Daily Technical Analysis
However, the pair is staging for a rebound from the bottom, which may lead to short-term upside.
ORDER: SELL LIMIT
STOP LOSS: 0.6670
Target 1: 0.6450
Target 2: 0.6340
ZFX Analyst’s Comment
For the time being, AUDUSD is expected to rebound before extending its losses thereafter.
Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.
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