The AUD/USD pair crashed today and it seems determined to hit new lows. It’s trading at 0.6333 at the time of writing. The Dollar Index upside continuation should force the USD to dominate the currency market, to appreciate versus its rivals.
Fundamentally, the USD received a helping hand from the US CB Consumer Confidence, Employment Cost Index, HPI, and S&P/CS Composite-20 HPI indicators which came in better than expected. Tomorrow, the FOMC should really shake the markets.
AUD/USD Trading In Red!
As you can see on the h1 chart, the AUD/USD pair increased within an up-channel pattern. Escaping from this pattern signaled exhausted buyers.
The rate failed to retest the channel’s broken support announcing strong downside pressure. Now, it has dropped below the lower median line (lml) and under the weekly pivot point of 0.6330.
AUD/USD Forecast!
A bearish closure on H1 below the former low of 0.6327 activates more declines. This is seen as a new selling signal.
The material has been provided by InstaForex Company – www.instaforex.com
The AUD/USD pair crashed today and it seems determined to hit new lows. It’s trading at 0.6333 at the time of writing. The Dollar Index upside continuation should force the USD to dominate the currency market, to appreciate versus its rivals.
Fundamentally, the USD received a helping hand from the US CB Consumer Confidence, Employment Cost Index, HPI, and S&P/CS Composite-20 HPI indicators which came in better than expected. Tomorrow, the FOMC should really shake the markets.
AUD/USD Trading In Red!
As you can see on the h1 chart, the AUD/USD pair increased within an up-channel pattern. Escaping from this pattern signaled exhausted buyers.
The rate failed to retest the channel’s broken support announcing strong downside pressure. Now, it has dropped below the lower median line (lml) and under the weekly pivot point of 0.6330.
AUD/USD Forecast!
A bearish closure on H1 below the former low of 0.6327 activates more declines. This is seen as a new selling signal.
The material has been provided by InstaForex Company – www.instaforex.com
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