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Australian Dollar Short-term Outlook: AUD/USD Defends 2024 Low
The Australian Dollar plunged to fresh yearly lows yesterday with AUD/USD turning just pips from multi-year trend support. The recovery has nearly pared the entire August decline with the bulls now eyeing a possible breakout of the July downtrend. Battle lines drawn on the AUD/USD short-term technical charts. chart Technical Outlook: In last month’s Australian Dollar Short-term Outlook we noted that AUD/USD was responding to confluent resistance while highlighting, “the potential for a larger correction remains while below 6800 and a break of this rising wedge formation would threaten a meaningful pullback.” ... (full story)
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- Posted: Aug 7, 2024 4:03am
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 3,301
