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AUDUSD Forecast and Technical Overview

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.

Intraday Levels:

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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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money

AUDUSD Forecast:  Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

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