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Fernando Palmer

AUD/USD

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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.


 

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