AUDUSD is attempting to recover from its recent downtrend, currently traded around 0.62779. The pair has bounced from a key support level at 0.61441, but faces resistance around 0.63020, aligning with the 23.6% Fibonacci retracement level.
The price remains below the 50-week moving average, confirming a dominant bearish trend. However, the Money Flow Index (MFI 14) at 14.89 indicates oversold conditions, suggesting potential short-term buying interest. The recent price action shows multiple attempts to break above the 0.63020 resistance, which aligns with 23.6% Fibonacci retracement from the previous downward move. A successful break could open the way to the 38.2% Fibonacci level at 0.64560, while failure could trigger another leg lower.
Market Observation & Strategy Advice:
1. Key Resistance: 0.63020 (23.6% Fibonacci retracement); breakout could lead to 0.64560 (38.2% Fib).
2. Key Support: 0.61441 – Holding above this level is crucial to prevent further downside.
3. Momentum: MFI at 14.89 signals oversold conditions, increasing the possibility of a short-term rebound.
4. Trading Strategy: Buy on breakout above 0.63020, targeting 0.64560; alternatively, short if rejection occurs, aiming for 0.61441.
5. Risk Management: Stop-loss below 0.61441 to mitigate downside risks.
Market Performance:
Forex Last Price % Change
EUR/USD 1.0300 -0.06%
GBP/USD 1.2359 -0.06%
JPY/USD 0.0066 -99.00%
Today’s Key Economic Calendar:
AU: Westpac Consumer Confidence
AU: NAB Business Confidence
UK: BoE Mann Speech
US: FED Chair Powell Testimony
Risk Disclaimer: This report is for informational purposes only and does not constitute financial advice. All investments involve risk and past performance is no guarantee of future results. Please consult your financial advisor for personalized investment advice.
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