AUDUSD Technical Analysis/4hr Time Frame
To begin with, AUDUSD has been extremely bearish for the last 2 months mainly due to economic uncertainty and a weak unemployment rate depicting an increase in the amount of COVID-19 cases across the country, also following the recent decline of the ASX.
Now, let's talk technicals.
According to the chart, price had a very significant rejection at @0.55677, enabling for the formation of ascending momentum via a bullish engulfing candlestick to occur.
We found a pattern called Inside Bar (Bullish) on 2020 Mar 27 at 19:15 GMT on a 15 minute chart suggesting the outlook is bullish for up to 12 hours.
A bullish event triggered for Slow Stochastics on 2020 Mar 27 at 20:00 GMT when the %K line crossed above the %D line. The close prices are trading closer to the upper end of the recent high-low price range, which is associated with price increases.
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Pending Home Sales Index US on Tuesday, so let's see if forecast is met causing the USD to depreciate against AUD.
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Now, let's talk technicals.
According to the chart, price had a very significant rejection at @0.55677, enabling for the formation of ascending momentum via a bullish engulfing candlestick to occur.
We found a pattern called Inside Bar (Bullish) on 2020 Mar 27 at 19:15 GMT on a 15 minute chart suggesting the outlook is bullish for up to 12 hours.
A bullish event triggered for Slow Stochastics on 2020 Mar 27 at 20:00 GMT when the %K line crossed above the %D line. The close prices are trading closer to the upper end of the recent high-low price range, which is associated with price increases.
-
Pending Home Sales Index US on Tuesday, so let's see if forecast is met causing the USD to depreciate against AUD.
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