AUDUSD MIGHT POSSIPLY FORM A HEAHD AND SHOULDER AT THE SUPPORT L
The Australian Dollar to US Dollar (AUD/USD) exchange rate is currently facing downward pressure, with a bearish outlook prevailing as long as the 0.6329 resistance holds ! The pair has been declining since reaching a high of 0.6941 in 2024, with a medium-term target of 0.5806, representing a 61.8% projection of the decline from 0.8006!
Recent market analysis suggests that the AUD/USD pair may retest the 0.6087 low, with a break below this level potentially leading to further declines ! On the other hand, a firm break above the 0.6329 resistance could trigger a stronger rebound. The Reserve Bank of Australia's (RBA) interest rate decisions and the US Federal Reserve's monetary policy will likely influence the AUD/USD direction in the coming weeks. we might see inverse head and shoulder on the support level.
Recent market analysis suggests that the AUD/USD pair may retest the 0.6087 low, with a break below this level potentially leading to further declines ! On the other hand, a firm break above the 0.6329 resistance could trigger a stronger rebound. The Reserve Bank of Australia's (RBA) interest rate decisions and the US Federal Reserve's monetary policy will likely influence the AUD/USD direction in the coming weeks. we might see inverse head and shoulder on the support level.
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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.