Forex Trading: AUDUSD Technical Analysis – January 16, 2020
Its the second day after the continuity of decline that the Australian Dollar (AUD) inched higher itself against United States Dollar (USD). From the start of the month, the pair’s price continuously tries to recover it’s lost position but not succeed completely, Well, today’s increase is occurred due to the release of major economies and takes the price up to the 0.6900. Whereas, when we talk about technical bias, it remains bearish, due to the higher low wave printed on the last upside movement.
AUD/USD: Technical Analysis
Currently, AUDUSD is being offered at the price of 0.6919, with the Fibonacci resistance level of just above the pair price of 0.6945, that might not allow the pair price to move forward or it may be pushed back to the current level, ahead of 0.7082, the trend line resistance and then the major horizontal resistance stands at 0.7079, as demonstrated in the graph below.
As the graph above shows that there are many support levels that may guide the pair’s price to move forward and also lift the price above the said level, Firstly, it supported by the major horizontal support of 0.6870, soon after it, it gets the support of trend line 0.6866, then another trendline support comes at 0.6813, as shown in the above graph.
AUD Australia’s Reserve Bank
From a fundamental point of view, Australia’s Reserve Bank publishes the interest rate stats that could cause some kind of incentive for interest rates to rise high or remain low. If the RBA is hawkish about the inflationary outlook, interest rates are likely to rise, signaling the Aussie Doll’s bullish market
The possibilities for short- and medium-term traders to invest their money and benefit from the fluctuation in price.