Jump to content
  • 0
Sign in to follow this  
Fernando Palmer



1 answer to this question

Recommended Posts

  • 0

Hello Fernando and thanks for being here.

The pair in question had been involved in some volatile price action recently. The Aussie failed to close below the ascending trend line yesterday, after trading there briefly. This has prompted the buyers to reverse the trend direction and push the price action higher. 

As a result, AUD/USD created a hammer candlestick pattern, which is a bullish reversal chart pattern that may facilitate a stronger push higher. 

“The 100-day moving average @ 0.6517 will once again be a key consideration should we see the risk recovery from yesterday build further in the sessions ahead,” currency analyst Justin Low wrote. 

As Low wrote, the buyers will be now targeting a test of the 100-DMA. If successful, we may see a push towards the crucial near-time resistance near the $0.6670 mark.


Share this post

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Create New...