AUDUSD || Update
KEY POINTS
Gold Rises on Possible Technical Recovery — Market
Talk
Dollar extends gains, hits 3-month high vs yen
Dollar tops 153 vs yen
Bank of Canada cuts rates by 50 bps,
Fed's Beige Book due later on Wednesday
TECHNICALS
The Bears caused a 4.16% move lower towards key support formed on Sept, 2024. This move sending the pair lower retraced to the key level at 0.67 — [previous post stated a possible retracement towards 0.685/0.68].
Previous analysis— [Currently, further downside MAY continue as key support levels below 0.662 and 0.656 MAY provide break and retest opportunities to short the pair]- Oct 21 and Oct 17 [previous analysis tagged below].
Currently, price has broken the first support level at 0.662 but held strong at 0.656, retracing towards back the high set at 0.6630. Overall, the pair is trading at historic lows with the pair dropping approximately 40% since it peaked in MAY 2011 and further clarity rely on current geopolitical issues and most likely the supply and demand of the market.
Key Levels
0.665
0.66
0.66153
Gold Rises on Possible Technical Recovery — Market
Talk
Dollar extends gains, hits 3-month high vs yen
Dollar tops 153 vs yen
Bank of Canada cuts rates by 50 bps,
Fed's Beige Book due later on Wednesday
TECHNICALS
The Bears caused a 4.16% move lower towards key support formed on Sept, 2024. This move sending the pair lower retraced to the key level at 0.67 — [previous post stated a possible retracement towards 0.685/0.68].
Previous analysis— [Currently, further downside MAY continue as key support levels below 0.662 and 0.656 MAY provide break and retest opportunities to short the pair]- Oct 21 and Oct 17 [previous analysis tagged below].
Currently, price has broken the first support level at 0.662 but held strong at 0.656, retracing towards back the high set at 0.6630. Overall, the pair is trading at historic lows with the pair dropping approximately 40% since it peaked in MAY 2011 and further clarity rely on current geopolitical issues and most likely the supply and demand of the market.
Key Levels
0.665
0.66
0.66153
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