This article provides an extensive examination of EUR/USD and AUD/USD from a technical perspective, investigating essential factors that are likely to drive price changes in the upcoming trading sessions.
We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.Wall Street IG Client Sentiment: Our data shows traders are now net-short Wall Street for the first time since Sep 21, 2023 when Wall Street traded near 34,068.90., as measured by the DXY index, was modestly higher on Wednesday, attempting to end a 5-day losing streak.
Get a holistic view of the euro's prospects for the months ahead - Secure your Q4 forecast for free and gain an edge in your trading!/USD plunged below 0.6300 last Tuesday, touching its lowest level since November 2022. Sentiment, however, improved in the following days, allowing the pair to stabilize and mount a recovery, as seen in the chart below, where prices can be seen touching the 50-day simple moving average above 0.6400 earlier this week.
From here, there are two possible scenarios to keep in mind. If AUD/USD extends lower, support is seen at 0.6350. AUD/USD may find stability in this area on a pullback, but in the event of a breakdown, a retest of the 2023 lows is likely. The other possibility involves a rebound from the current levels. Should this scenario play out, we could see a move towards 0.6440/0.6460. Upside clearance of this ceiling could open the door for a rally towards 0.6510.
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