AUDUSD Forecast September 23, 2016, Technical Analysis
The Australian dollar initially rallied during the day on Thursday, but turned around to form a bit of a shooting star.
The Australian dollar initially rallied during the day on Thursday, but turned around to form a bit of a shooting star.
Risk is on the menu at the start of this new week with stocks, crude oil and commodity currencies all climbing higher, while the dollar is easing back slightly after Friday’s rally.
As summer transitions into Autumn, there seems to be little change in the sentiment for gold, which continues to remain rangebound on the daily chart, still transfixed within the Brexit candle of late June.
AUDUSD seems to be tired from its climb since it already formed a head and shoulders reversal pattern on its 4-hour time frame. Price also broke below the neckline at the .7500 major psychological level, confirming its potential selloff.
AUDUSD is in consolidation of the downtrend from 0.7731.
The AUDUSD pair initially tried to fall, but then turned around to slam into the 0.75 level.
The Australian dollar initially fell during the course of the session on Monday, testing the 0.75 level.
The AUDUSD pair initially tried to rally during the course of the day on Thursday, but then turned right back around to form a nasty looking shooting star.
AUDUSD broke above the downward trend line on 4-hour chart, indicating that the downtrend from 0.7755 had completed at 0.7489 already.
The AUDUSD pair rallied slightly during the day on Monday, but we await the Reserve Bank of Australia and its interest-rate announcement first thing in the morning.