AUD/USD has decisively broken out of the rising channel it was rallying within on the 4-hour chart and more weakness is expected in the near-term.
AUD/USD has broken out of the neat rising channel it was rallying within on the 4-hr chart. The pair is likely to go lower, falling to an initial target calculated from the channel breakout. The short-term trend remains bullish overall, however, suggesting a recovery is possibly thereafter. AUD/USD 4-hour Chart Despite the breakout there is still insufficient evidence to indicate that the bullish short-term trend has reversed.
This is the usual method used by technical analysts to forecast channel breakouts. Further bearishness could lead to a move down to the next target for the breakout at 0.6485, which is equal to the full height of the channel extrapolated lower from the breakout point . Despite the breakout there remains a possibility the pair could recover and the current weakness may only be a pullback within the dominant uptrend. A move above the 0.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AUD/USD Price Analysis: Attempts Descending Triangle breakout near 0.6600The AUD/USD pair extends its winning spell for the third trading session on Thursday.
Read more »
AUD/USD Forecast: Poised to challenge the 2024 low at 0.6441The Australian Dollar (AUD) plummeted against its American rival at the beginning of the week, with the pair heading into Tuesday's opening trading near the March low at 0.6476.
Read more »
AUD/USD Forecast: Renewed bullish sentiment above the 200-day SMAThe increased downward pressure on the US Dollar (USD) spurred a notable recovery in AUD/USD on Wednesday, building on the previous session’s advance further north of 0.6500 the figure.
Read more »
AUD/USD Forecast: Another test of 0.6700 emerges on the horizonThe heightened downward pressure on the US Dollar (USD) maintained the strong recovery in AUD/USD well in place, motivating the pair to finally reclaim the 0.6600 barrier and beyond on Thursday.
Read more »
AUD/USD Forecast: Further gains appear likely near termThe slight downward pressure on the US Dollar (USD) seems to have been enough to spark a marked rebound in the Aussie dollar, lifting AUD/USD back to the 0.6600 barrier at the beginning of a new trading week.
Read more »
AUD/USD Forecast: Extra gains appear in the pipelineAnother irresolute session in the US Dollar (USD) helped to sustain the robust recovery in AUD/USD, prompting the pair to extend further its recent breakout of the 0.6600 yardstick and advance to the vicinity of 0.6650.
Read more »