News

AUD/USD is back testing some key levels

A look at the AUD/USD daily chart

Perhaps the scariest chart coming into this week was AUD/USD. On Friday it broke through the lows of the year and the 200-day moving average in what looked like it could be a major breakdown.

Yet a few days later and the breakdown is still up for debate. There has been no follow-through to the downside and other risk assets have rejected the ‘big turn’ idea from the Fed. At the same time, the bounce hasn’t exactly been inspiring. AUD/USD hasn’t cleared Friday’s opening level and the 200-day moving average hasn’t been broken.

I like the upside on a break of the 200-dma, but not until then.

Invest in yourself. See our forex education hub.

Articles You May Like

Elon Musk says the Fed must cut rates ‘immediately’ to stop a severe recession
NEW Magic Breakout strategy: 99% winrate 1 min trading scalping swing trading Forex and crypto
CrowdStrike shares tumble on weaker-than-expected growth in new revenue
Euro Rises as Investor Sentiment Improves, Dollar and Yen Down
The Simplest Day Trading Strategy | (Backtesting Session)

Leave a Reply

Your email address will not be published. Required fields are marked *