Home Analysis AUD/USD is still trading inside a bearish channel

AUD/USD is still trading inside a bearish channel

40
0
AUDUSD is still trading inside a bearish channel - forexspacex.com

Bears started to bet against the Australian dollar during the course of the trading session on Thursday after the market digested the 25-basis point rate hike from the Reserve Bank of Australia. The rationale behind slower than expected rate hike is to shrink the demand without deteriorating the Australian economy. However, the Federal Reserve is still hawkish and the Australian dollar is a risk-sensitive currency. So, we can expect the AUD/USD to correct further. The pair is trading 0.65% lower than the previous close at the time of reporting.

Pivot Points on the hourly timeframe

NameS3S2S1Pivot PointsR1R2R3
Classic0.64290.64430.64540.64680.64790.64930.6504
Fibonacci0.64430.64530.64580.64680.64780.64830.6493
Camarilla0.64570.64590.64620.64680.64660.64690.6471
Woodie’s0.64270.64420.64520.64670.64770.64920.6502
DeMark’s0.64610.64710.6486

Disclaimer

Forex trading can be extremely risky and should only be done in the presence of an expert. We do not recommend any currency pairs or options to buy or sell to our readers.  Forecasts or articles available on this website do not constitute investment advice and are only for general information. Kindly consult with a professional financial advisor before using the information on this website for trading or investing.

Previous articleWhat is a Forex account?
Next articleUS Nonfarm Payroll is on the radar for USD/CAD bulls

LEAVE A REPLY

Please enter your comment!
Please enter your name here