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AUD/USD: Short-Term Recovery Amidst Bearish Signs

Published 05/07/2015, 07:57 AM
Updated 07/07/2019, 08:10 AM

AUD/USD has resumed its broader bear trend by forming a v.short-term down-trend on the 4-hr chart with two lower lows and two lower highs. On the weekly chart it also formed a bearish-looking shooting-star last week.


Instead of falling, however, it has defied these signs and moved higher over the last few days, nevertheless a break below the 5th May 0.7787 lows would probably confirm a resumption of peak and trough lower, towards the next natural target at the S1 monthly pivot at 0.7600.


Alternatively a break above the weekly shooting star candlestick's highs at 0.8074 would see bear resistance capitulate and a swift covering move higher up to the next target just below the R1 monthly pivot at 0.8140.
AUD/USD 4 Hourly Chart

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