AUD/USD has tested the support at 0.7250 twice now in the past three days, but the pair still cannot succeed in breaking below that level. More importantly, the pair has also formed a double bottom above it as well, which can be seen on the four-hour time-frame. After taking that into consideration, together with the inverted hammer candlestick that has formed on the same time-frame, I would say that there will likely be a new move to the upside towards 0.7330 – 0.7340. Of course, we must not forget that in a few hours will be announced the FOMC meeting minutes, so any new positions should be opened with caution and with thought that in mind.
But down trend is still in place.
ReplyDeleteIt's still very bearish.
ReplyDelete