AUDUSD broke out higher as expected expected. Prices took out resistance at the top of a falling channel set from April, pointing to a significant correction upward ahead. The 23.6% Fibonacci retracement at 0.9371 lines up as the next upside barrier, with a push above that exposing the 38.2% level at 0.9602. Channel resistance-turned-support is now at 0.9058. I will look to enter short following the bounce pending technical confirmation of ebbing bullish momentum.
Waiting for Entry on AUD/USD Short
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
British Pound May Fall vs Yen on Real Rates, Chart Break
2022-01-20 10:26:00
US Dollar May Rise vs. Yuan as China Worries Mount: Q4 Top Trades
2021-10-06 00:00:00
Euro May Fall Further vs. British Pound as Key Support Gives Way
2021-03-31 09:37:00
USD/CAD Technical Analysis: Canadian Dollar at a Turning Point
2020-02-12 05:42:00