Forex Chart Of The Day: AUDUSD Could Price Retest 0.6700?

The AUDUSD looks to be in a higher time frame retracement phase which could offer long opportunities to the key 0.6700 lows. 

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AUDUSD Analysis

Fundamental Analysis

Recently the USD strength has slipped due to the recent announcement of the Fed slowing down the rate in which they tighten. Not only this but recently the Major State owned banks in China have sold USD to help the weakening Yuan. If this continues the AUDUSD price could continue to move higher. This was also reflected by the strength meter which showed the USD reversing from the highs. 

Technical Analysis

The price of AUDUSD is in a downward trend on the weekly chart. Price is making lower lows and lower highs however, the price has recently found support at the 0.6200 level. This level was met by buyers which saw the price enter a retracement phase. If the price remains in a retracement phase we could see the market head towards the 0.6700 level. For this to be achieved we need to see the 4hr time frame continue to make higher highs and higher lows. 

The price recently formed new highs above 0.6400, if the price comes back to retest this level and buyers form bullish price action we could look for long opportunities. 

Did you see our GOLD Analysis? You can see it 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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