Today, we will analyze the Australian Dollar Futures. On the weekly chart, we may already be witnessing the end of the corrective bearish movement, as we have seen a break of the previous lows at 0.6184. Technically, we have also closed above the EMA5 and EMA10, which suggests potential bullish momentum. However, I believe it's still premature to call a long-term bottom just yet.
What I would like to see next is a clear and distinct five-wave structure on the daily chart. This would indicate that the price could potentially close the week above the EMA50, currently at 0.6476. If this scenario plays out, I anticipate that the Australian Dollar could start a strong upward rally against the U.S. Dollar, aiming for a target at least around 0.8006.
What I would like to see next is a clear and distinct five-wave structure on the daily chart. This would indicate that the price could potentially close the week above the EMA50, currently at 0.6476. If this scenario plays out, I anticipate that the Australian Dollar could start a strong upward rally against the U.S. Dollar, aiming for a target at least around 0.8006.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.