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Is the Australian dollar/US dollar about to reverse?
$AUD/USD (AUDUSD.FX)$ Last week, the Australian dollar bulls performed well in defending the 0.6380 support level. This means that the Australian dollar/US dollar has stopped creating lower highs and lower lows for the first time since breaking below the 0.6900 level in mid-July.
Does this mean that the Australian dollar/US dollar is ready to show a call?Reversal？
Better-than-expected retail sales reports in Australia, as well as the China Ministry of Finance and State Administration of Taxation pushing for capital market boost by reducing stamp duty and margin requirements, may also provide support for the Australian dollar bull market.
And thenPowell's speech at Jackson Hole.He stated in his speech that he and his team will proceed with caution for the next monetary policy change, some traders believe this implies a less hawkish stance and a slight anti-dollar sentiment. During the holiday in the United Kingdom market, it may also be difficult for the Australian dollar/US dollar to gain bullish momentum.
Once the Australian dollar/US dollar remains above the 0.6490 resistance, consider buying. If unsure about a bullish reversal, consider testing the 0.6450 intermediate resistance and 0.6490 again.Enter a bullish trade at the resistance level.
The previous resistance area of 0.6600 may be a good profit target, but if there is enough momentum, you can also aim for the previously interested areas of 0.6700 or 0.6740.
Does this mean that the Australian dollar/US dollar is ready to show a call?Reversal？
Better-than-expected retail sales reports in Australia, as well as the China Ministry of Finance and State Administration of Taxation pushing for capital market boost by reducing stamp duty and margin requirements, may also provide support for the Australian dollar bull market.
And thenPowell's speech at Jackson Hole.He stated in his speech that he and his team will proceed with caution for the next monetary policy change, some traders believe this implies a less hawkish stance and a slight anti-dollar sentiment. During the holiday in the United Kingdom market, it may also be difficult for the Australian dollar/US dollar to gain bullish momentum.
Once the Australian dollar/US dollar remains above the 0.6490 resistance, consider buying. If unsure about a bullish reversal, consider testing the 0.6450 intermediate resistance and 0.6490 again.Enter a bullish trade at the resistance level.
The previous resistance area of 0.6600 may be a good profit target, but if there is enough momentum, you can also aim for the previously interested areas of 0.6700 or 0.6740.
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