Is the Aussie Greenback Rebound Over?
AUD/USD TECHNICAL OUTLOOK: BEARISH
- Australian Dollar rebound meets stiff resistance at 0.60 determine
- Close to-term chart positioning hints downtrend could also be resuming
- Dealer sentiment research difficult the bearish narrative
The Australian Greenback turned larger in opposition to its US counterpart after sliding to an virtually 8-year low beneath the 0.56 determine. Costs climbed above preliminary resistance at 0.5869, the 23.6% Fibonacci growth, however the transfer larger was met with stiff pushback at former help marked by the October 2008 low at 0.6009.
Turning to the four-hour chart for a way of the nearer-term trajectory, it appears as if costs are resuming the dominant downtrend having damaged upward-sloping help set from the March 18 low. The swing high is marked by a bearish Night Star candlestick sample.
If the development line holds up as resistance on a retest, bearish resumption may even see costs probe again all the way down to the 38.2% Fibonacci growth…