AUDUSD : KEEPS DIVING
- The market has been consolidating above a bullish trendline from mid-February to mid-March, the mid-term trend was then neutral.
- On the last trading session of last week (12th of April), bear traders took control of the market, leading prices to a bearish break-out of their trendline.
This break-out has even been confirmed shortly after with a pull-back on the trendline.
Both moving averages are in bearish configuration while the DMI indicator shows an increasing bearish pressure while the price action gets more and more directional.
- This is obviously seen as a bearish situation for AUDUSD.
Appetite for USD has been significantly increasing lately due to fading hopes of a dovish monetary switch in the US.
The market currently trades close to a very short-term support around 0.6417, but the 0.6395/0.6400 zone can be seen as a major target for prices.
The trend may even continue further towards 0.6335 and 0.6270, which would be a 100% correction of the bullish trend started last November.
Pierre Veyret, Technical Analyst at Activtrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
- On the last trading session of last week (12th of April), bear traders took control of the market, leading prices to a bearish break-out of their trendline.
This break-out has even been confirmed shortly after with a pull-back on the trendline.
Both moving averages are in bearish configuration while the DMI indicator shows an increasing bearish pressure while the price action gets more and more directional.
- This is obviously seen as a bearish situation for AUDUSD.
Appetite for USD has been significantly increasing lately due to fading hopes of a dovish monetary switch in the US.
The market currently trades close to a very short-term support around 0.6417, but the 0.6395/0.6400 zone can be seen as a major target for prices.
The trend may even continue further towards 0.6335 and 0.6270, which would be a 100% correction of the bullish trend started last November.
Pierre Veyret, Technical Analyst at Activtrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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