What’s Next for the AUD/USD?

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What's Next for the AUD/USD?

After the hawkish FOMC statement during the 1/28 session, the USD started to climb mostly across the board. The AUD/USD was very clearly under pressure and fell into new lows on the year. Let’s take a look at the charts to see where AUD/USD might be heading to.

The AUD rallied to 0.80 ahead of the FOMC meeting (1/28) and fell to below 0.78 by the 1/29 US session. This leaves the 0.79 area as a possible resistance against a subsequent pullback.

When we look at the monthly chart, we can see some further room to fall until the 61.8% retracement level around 0.72. A little lower, there is a rising trendline coming up from the 2001 low at 0.4814, which should reinforce the psychological level of 0.70. Therefore, AUD/USD has downside risk at the moment limited to the 0.70-0.72 area, but this is still a long way to go from 0.7750, where AUD/USD is trading today (1/29).

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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.