Bottom line: AUDUSD medium term outlook remains bullish against 0.5505 lows. Bulls have managed to hit interim resistance at 0.7030 yesterday. Hence a short term pullback could materialize towards 0.6700 mark at least.

Fundamental Outlook:

Dow Jones closed at 27138 levels, lower by -1%, after having rallied for 7 consecutive days. SPX500 was down more than -0.50% while DAX closed lower by -2.3%. It is too early to confirm, but this could potentially be a turning point for risk sentiment and Global Indices. Today’s most awaited event is the Fed meeting around 02:00 PM EST.

Bitcoin had rallied towards 10500 mark last week before pulling back. The crypto might be facing a potential sell off, as the US Dollar set to regain some of its lost ground. Furthermore, if risk sentiments continue to decline, Bitcoin may follow suit.

AUDUSD managed to hit 0.7042 yesterday, the highest peak since January 01, 2020, before pulling back sharply lower. The risk sentiment related Aussie Dollar managed to close at 0.6954, down close to -0.90%. It may come under further pressure as Global Indices face a potential selloff going forward.

Technical Analysis:

AUDUSD bulls have managed to take out interim resistance at 0.7030 levels yesterday. They have remained in control since 0.5505 lows and carved a series of higher highs and higher lows until 0.7030 mark. Ideally, a corrective drop should materialize soon towards 0.6700 and further, before the rally could resume.

AUDUSD bulls might attempt to push one last time towards the next resistance at 0.7100 levels, before giving in to bears again. This could enable a meaningful drop over the next several weeks. The fibonacci 0.618 retracement of the recent rally is seen around 0.6194 levels. High probability remains for a bullish bounce, if prices manage to drop towards the above. Traders might be preparing to book profits on long positions taken earlier.

Prepared by

Harsh Japee, Technical Analyst.

AUDUSD Chart

Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.

Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.

MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区，免费跟随高手做交易！

免责声明：本文系转载自网络，如有侵犯，请联系我们立即删除，另：本文仅代表作者个人观点，与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实，对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺，请读者仅作参考，并请自行核实相关内容。

著作权归作者所有。
商业转载请联系作者获得授权，非商业转载请注明出处。