AUD/USD: resistance is still strong

AUD/USD: resistance is still strong

Trade idea

SELL 0.7055; TP 0.7020; SL 0.7070

Although the Federal Reserve switched to the dovish stance, the policy of other central banks seems even looser. As a result, the USD gets support versus riskier currencies like the AUD.

Have a look at the weekly chart: AUD/USD is facing resistance in the 0.7130 area, while the candlesticks have long upper wicks. The weekly close below 1.7100 will increase the negative pressure. Conservative traders may sell the pair below 0.7060 targeting support at 0.7020 (October low).

AUDUD.png

Similar

XAU/USD: an attempt to recover

After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

EUR/CHF looks ill

This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.

Latest news

XAU/USD: an attempt to recover

After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

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