AUD/USD Still Bullish, Despite Today’s Drop!| KOL Analysis•Olimpiu Tuns

AUD/USD is trading in the red on the Daily chart after the failure to reach the 0.7000 psychological level. The pair moves sideways in the short term, so only a valid breakout from this range will bring another opportunity and will give us a clear direction.

The price has slipped lower post RBA, even if the Cash Rate was kept unchanged at 0.25%. The Reserve Bank of Australia has reiterated that they could take action again if necessary, the dovish statement has attracted the sellers on the AUD/USD.

The currency pair has decreased a little as the USD was boosted by the USDXs recovery, still, a US Dollar Index further drop could weaken the greenback again, so AUD/USD could jump higher again.

● AUD/USD In The Buyers Territory

AUD/USD has escaped from the major ascending channel, but the failure to make another lower low, to drop below the 0.6799, has invalidated a corrective phase. It is trapped between the 0.7064 and the 0.6799 levels, a valid breakout from this pattern will validate the pairs direction.

It remains to see what will really happen, AUD/USD has retested the broken uptrend line and now has moved away from this line signaling a potential overbought situation, but you should know that only a valid breakdown below the 0.6799 level will open the door for a larger drop.

On the other hand, another higher high, a valid breakout above the 0.7064 will validate a further growth in the upcoming period, the R2 (0.7287) could be used as a potential upside target.

● AUD/USD Bearish Engulfing on H4 Chart

AUD/USD has developed a bearish engulfing right on the 0.6976 level and on the 50% Fibonacci line if the minor ascending pitchfork signaling a bearish momentum in the short term. The price has increased within the ascending pitchforks body in the short term, between the lower median line (ml) and the median line (ml).

The outlook is still bullish as long as AUD/USD is traded above the lower median line (lml) of the ascending pitchfork. A valid breakout above the 0.6976 and above the 50% line will suggest buying with the target at the median line (ml) and at the 0.7064 high.

A valid breakdown from this ascending pitchfork will announce that the growth could be finished and that a corrective phase could develop in the short term. So, the lower median line (lml) is seen as critical dynamic support on the H4 chart. A potential downside breakout will send the rate at least until the 0.6799 static support.

The failure to stabilize above the 50% Fibonacci line and above the 0.6976 has signaled that the lower median line (lml) could attract the price. You could still search for long opportunities as long as the rate is located within the pitchfork body, above the lower median line (lml). However, only a valid breakout above the 0.7064 and above the median line (ml) will validate a sharp increase, broader bullish momentum.

[About The Author]

Olimpiu Tuns

is a seasoned market analyst / trader / trainer on the financial

markets with expertise in forex, cryptocurrencies, commodities, futures,

options, index, CFD for more than 8 years. He is also a famous blogger

in both technical and fundamental analysis, trading signals, trade

setups, etc.

He

has worked as a Market Analyst / Consultant for three major Brokerage

companies, Admiral Markets, MultiBank Exchange Group and InstaForex

(live webinars, market analysis, educational materials, video analysis,

video tutorials, ghostwriting, content creator), as a Social Media

Manager and as a Financial Markets & Crypto Analyst / Contributor

for very important news portals/blogs (investing.com, benzinga.com,

forexalchemy.com actionforex.com, countingpips.com), websites,

educational platforms (Forex.Academy, Forex.Today), independent clients,

etc.

Olimpiu Tuns currently works as a Financial Markets & Crypto Analyst / Signal Provider / Trader / Trainer.

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