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Since May 2018, when the price of AUD against the USD crossed the level of 0.7500, the long-term trend of the currency pair has been going downwards. The closer to the current moment, the more it has been confirming the decline: since June 2019, the 200-week, 100-week and 50-week Moving Averages are in the negative order, with 50-week MA being a resistance. Therefore, in the long-term, the price is likely to continue this direction unless there are strategic factors revealed that would change the setting. In any case, the price will have to struggle its way upwards in case the market reversal starts looming in the currency horizon. On the weekly chart, the resistance of 0.6900 would be a good checkpoint for that as it marks the previous high, and since the end of 2018, the price has never broken a previously reached distinctive high.
On the H4, AUD/USD is testing the support of the 50-period MA, which is at the level of 0.6815. In fact, it has been consolidating right above this level in a gradually decreasing magnitude of price action since the beginning of December. Now, if the price breaks this support on the way down, that will be a solid proof that the recent high area has completed forming and that the market is going to move down in a more decisive way. Awesome Oscillator has already crossed the zero line, which gives the same interpretation. Altogether, if there is no new incoming information altering the market setting, we are likely to observe another cascade down today and tomorrow.
I know we've had quite an amazing run these past few month, with over 78% accuracy in our trade ideas and sentiments, and thousands of pips in profits monthly...
Futures for Canada's main stock index rose on Monday, following positive global markets and gains in crude oil prices. First Citizens BancShares Inc's announcement of purchasing the loans and deposits of failed Silicon Valley Bank also boosted investor confidence in the global financial system...
Investor confidence in the global financial system has been shaken by the collapse of Silicon Valley Bank and Credit Suisse. As a result, many are turning to bearer assets, such as gold and bitcoin, to store value outside of the system without...
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Greetings, fellow forex traders! Exciting news for those with an eye on the Australian market - the upcoming interest rate decision could be good news for Aussies looking to refinance or take out new loans. The Mortgage and Finance Association Australia CEO, Anja Pannek, has...
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