AUDUSD Consolidates Just Shy of April, May Highs
AUDUSD Weekly/Daily/4hr
The (AUDUSD) is consolidating for a 3rd straight day near the May and April high. Odds are elevated for the AUDUSD to resume by next week, its bounce off just above the 2023 low. Any test of the psychologically key 0.70 whole figure level though will likely have to wait until at least June. 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. Bullish catalysts may arrive as early as today 830am EST with the US PPI and unemployment claims and Friday following the US preliminary UoM consumer sentiment. Congratulations to paying subscribers who benefited from the Oct 31, 2022 analysis suggesting another effort at forming a major bottom. The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am looking to enter 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 USDCHF, 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.
