AUDUSD Weekly MACD Trying to Positively Cross
AUDUSD Weekly/Daily/4hr
The (AUDUSD) is reversing higher with today’s daily Hammer extending back towards this week’s high. The AUDUSD is once again in the early stages of trying to halt the slide from the 2023 high, with the April low slightly above the 2023 low formed in March. Odds are now low for the AUDUSD to slide in May back below the 2023 low to the psychologically key 0.65 whole figure level. The bigger picture is of the AUDUSD trying to halt a downtrend since February 2021 (as can be seen easier on a monthly chart on tradingview.com) within a major downchannel since July 2011. Further bullish catalysts may arrive as early as today 830am EST with the US unemployment claims, and Friday with the US’ average hourly earnings, Non-Farm Payrolls (NFP) and unemployment rate. Congratulations to paying subscribers who benefited from the Oct 31, 2022 analysis suggesting another effort at forming a major bottom. The weekly and daily RSI, Stochastics and MACD are bottomish. I am long as of yesterday and today at .6676 although if I were flat, I’d look to go long in the green zone (of the daily chart), targeting the red zone for Wednesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter). Click here for analysis on EURUSD, GOLD
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On the date of publication, Darren Chu did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
