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What do you reckon when AUD/USD took just 2 days to hit our target?
Our bearish targets 0.7648 as well as 0.7502 are very well achieved. Please refer below link for our previous write up on this pair.
It took just 2 days to hit 0.7648 from the day when we articulated the above call.
Bearish Engulfing is formed at 0.7484 levels to slip below DMAs.
7DMA crosses below 21DM that signals selling pressures.
Today's upswings momentary, break below 0.7446 on closing basis would resume bear rallies.
After 3rd week of collapse in AUD/USD exactly from the highs of 0.7835 levels, it is now on the verge of breaking 0.7446 levels (38.2% fibo),
Last week tested the resistance at 0.7838 levels, and it didn't manage to break above decisively on a closing basis which has exposed more bearish potential in the upcoming trading sessions.
On daily charts, Bear candles with big real body occurred at this juncture and shown their bearish effects so far, however, major trend still looks to be dubious in favour of bears for now.
On daily terms, Stochastic and RSI noise with strong momentum to signal selling pressures as they are diverging to previous minor upswings on monthly charts as well.
Major downtrend restrain below 21EMA: As rallies are drifting towards 21DMA or 0.7838, that is where bulls have halted at 23.6% fibonacci retracements, further upswings dependent on breach of stiff resistance 0.7727 & 7838 levels
Considering last three months rallies, as leading oscillators diverge to these previous rallies, some sort of skepticism arise owing to the recent Fed’s funds rate and RBA’s rate cut.
Well, on delivery basis, if the pair manages to break below 0.7446, then go short in near month futures contracts for targets at 0.7405 or even upto 0.7328 levels in near terms is quite possible bet.
