AUDUSD Traders Have Spotted This Resistance | In The Trading Zone

📈 Unlock the Secrets of AUDUSD Trading! 🚀 Traders are buzzing about a critical resistance level on the AUDUSD chart. Join us in our latest video as we analyze this potential game-changer! 💹💡 #AUDUSD #ForexTrading #forex #trading

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AUDUSD Traders Have Spotted This Resistance

One of the first indicators catching the attention of AUDUSD traders is the recent shift in the Australian Consumer Price Index (CPI) year-on-year figure. The CPI y/y fell from 5.6% to 4.9%, signaling a decrease in the rate of inflation. This change in economic data can have a profound impact on the AUDUSD currency pair as it reflects shifts in Australia’s economic health.

Traders are using currency strength meters to gauge the relative strength of the Australian Dollar (AUD) in the current market. These tools have identified the AUD as a strong currency, but it’s important to note that it’s also approaching a potential reversal zone. This suggests that while the AUD is exhibiting strength, caution is warranted, and a change in market sentiment may be on the horizon.

The AUDUSD chart has been buzzing with activity as it approaches a critical weekly resistance level at 0.6650. This level has historical significance and often serves as a key turning point for the currency pair. Traders are closely monitoring price action around this level as it could determine AUDUSD’s future trajectory.

While the resistance level at 0.6650 is a focal point, traders understand that price levels alone don’t guarantee market movements. To confirm the potential opportunity at this resistance, traders are eagerly awaiting the formation of H4 reversal patterns. These patterns, such as double tops, head and shoulders, or engulfing candles, can provide valuable insights into the market’s sentiment and direction.

AUD/USD

The price on the chart has traded through multiple technical levels and some observations included:

• AUD is the strongest currency and USD is the weakest from the currency strength meter.
• Price could form a double top pattern on the H4 timeframe.
• Key weekly resistance formed at 0.6650.

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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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