AUDUSD Forecast and Technical Overview
Subdued USD demand helped regain traction at the start of a new trading week. The pair is loking for a new direction.Market players remain cautious ahead of US-China trade-talks at G20 summit.
Pair started the day with a positive momentum, tested the 0.72800 resistance.However, failed to move above the cloud and reversed.
Reviving risk-appetite, led by a goodish rebound in crude oil prices, dampened the US Dollar’s relative safe-haven status. This coupled with optimism over a possible ceasefire in the US-China trade war at the upcoming G20 summit later this week provided an additional boost to the China-proxy Australian Dollar.
EMA 50 on the H4 Chart resides at 0.72500 and break below would lead the price 0.72200.
The pair is trading at 0.72590 as of writing. 0.72800 hurdle remains as a strong resistance and the bulls need to breakout the this hurdle first.
On the downside, below 0.72550, 0.72400 and 0.72170 are the key supports.
The current narrow trading range of the pair, does not offer us a midterm trade opportunity.
We have a Bullish Black Swan pattern on the smaller chart time frames which would be completed at 0.72320 . Stop Loss of this pattern is 0.72100 targets 0.72600 and 0.72800
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