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Chart of the Day: AUD/USD to Rebound Lower?

Published 01/30/2023, 11:59 PM
Updated 05/22/2020, 10:10 AM

Although most of the traders in the Forex Analytix community have turned bearish on the AUD/USD over the last week, it's important to talk about "why" that is technically and show you where we are wrong.

First of all, the AUD/USD stalled at the horizontal resistance (highs) from early August 2022. Also, the long-term 61.8% Fibonacci retracement from the April 2022 highs to October 2022 lows came in just below the .7100 level.

We knew this would be a strong pivot, and now that we closed below the near-term ascending trend line, a move back below .7000 is warranted. Only back above the .7150 turns the pair bullish again.

AUD/USD Daily Chart

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