“The trend is your friend,” traders like to say, and AUD/USD is in a downtrend overall.
AUD/USD is showing technical bullish reversal signs. The question is, are they enough to indicate a chance of a reversal of the trend? Daily, 4-hour and Weekly charts are analyzed to weigh up the evidence. At the same time it is showing some early technical signs – here and there – that point to a possible bullish reversal.
is actually slightly higher when compared to the in February, suggesting a lack of bearish momentum underpins the most recent sell-off. This is sometimes an early warning sign a bear trend is ending. Bearish counter-arguments There are no other signs the intermediate trend is reversing. Price is still under the three major moving averages – the 50-day, 100-day and 200-day Simple Moving Averages , which is a bearish sign. Nor has it broken above the April 11 high at 0.
, during the recovery from the April 19 lows, has been strongly bullish, rising more quickly than it fell over a similar timespan. This shows bullish enthusiasm and potentially institutional buyers could be participating. has also crept above the zero line on Tuesday, adding more bullish evidence to the argument. AUD/USD Weekly Chart Finally we look at the weekly chart to assess the long-term trend. This is the least-bullish looking chart of the three. AUD/USD looks like it has probably formed a bearish three-wave Measured Move pattern, with waves A, B and C shown labeled. If so, the pair looks to be in the middle of unfolding its C-wave.
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