FOREX Chart Of The Day: AUDUSD Heading Back To 0.7000

The price of #AUDUSD looks to be heading back to the key 0.7000 level. Can this offer short trading opportunities?

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AUDUSD Analysis

The AUDUSD price could continue to move lower as the USD remains strong. The AUDUSD is likely to be affected by the recent FOMC news of a hike to come in. History shows that when the Fed ends stimulus and announces rate hikes the price of stocks fall leading up to the announcement. This could put pressure on risk currencies like the Australian Dollar in the short term.

Looking at the weekly chart the price has formed a bearish impulsive phase which looks to be heading for the major swing level at 0.7000. If the price is going to get to this level we could see sellers step in on any retracements to resistance. The price could pullback to the recent 4hr lows, if bearish price action forms here we could look for short opportunities to the key levels.

Do you follow the USD Index? check out the latest analysis here.

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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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