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Daily Pin Bar On The AUD/USD – AUD Hesitates At Resistance

Daily Pin Bar On The AUD/USD – AUD Hesitates At Resistance

Daily Pin Bar On The AUD/USD – AUD Hesitates At Resistance

  • The AUDUSD currency pair has given a daily timeframe Pin Bar, at the previous swing-high level, after rallying to a high around 1.0624 last week.  The AUD has has gained on broad-based risk sentiment (US Federal Reserve’s new stimulus plans) but is hesitating at this technical level.
  • This countertrend price action comes just above the 1.0500 round number.  A break below this level would add additional weight to a corrective move lower scenario. 
  • Price broke above a descending trend line, coming from the 1.0855 early Feb swing high, and closed below after forming this Pin Bar.
  • Any downside could potentially see support at the following areas.  1.0500 (psychological round number), 1.0450 (38.2% retrace and price pivot) and  1.0400 (price structure daily highs and close to 50% retrace).
  • The AUD is under near term pressure against other currency majors including the EUR which is trading at EURAUD 1.2466 and is in a strong uptrend.
  • Looking at the flip side; a sustained break above the PinBar high opens up a potential move to the 1.0730 area which has marked multiple weekly highs and capped price on several occasions.
  • RBA Minutes - from the Reserve Bank of Australia’s September board meeting - are the key event risk for the Aussie dollar this coming week (released Monday 01:30 GMT); any hint of monetary policy easing leaves the AUD fragile and could see further downside.

AUDUSD Daily Pin Bar

audusd pinbar Daily Pin Bar On The AUD/USD   AUD Hesitates At Resistance

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