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Powell wants a soft landing for inflation, as Greenspan did in 1994. But it looks like he will get a hard landing.
Aussie Selloff Ahead?
2021-06-02 • Updated
4H Chart
Daily Chart
AUD/USD has been trying to break higher for an extended period but without any chance. From April until today, all rallies’ attempts have faded as shown on the daily chart. On the other hand, the pair is also getting notable support between 0.7730’s and 0.7690’s. Yet, the technical indicators are leaning to the downside even though the pair is also getting some support from its 50 and 100-day MA. After yesterday’s failed attempt to break higher, it looks like the downside pressure is likely to resume, which could be a good chance to risk some short positions here at 0.7730’s with a stop loss at today’s high at 0.7775, eyeing 0.7690’s as a first target, while a breakthrough that support would clear the way for further declines towards 0.7720’s.
| S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
| 0.7675 |
0.7713 |
0.7734 |
0.7751 |
0.7772 |
0.7789 |
0.7827 |
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