The AUD/USD moved above a key swing area yesterday, driven by USD selling following a Washington Post article suggesting Trump tariffs might be less severe than expected. However, Trump denied the report, causing the pair to reverse lower in a failed breakout. The price rebounded during Asian-Pacific and early European trading, once again breaking above the swing area near 0.6282. For the second consecutive day, though, momentum stalled.
What’s next?
Downside: The next key target is the converging 100-hour and 200-hour moving averages at 0.6226 (blue and green lines on the chart below). A test of this level will be critical in determining the pair’s next move.Upside: For buyers to regain control, the price needs to move back above the swing area on the daily chart up to 0.6282, offering hope for a recovery and potentially slowing the seller's momentum. This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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