AUD/USD vulnerable near weekly lows
Hello dear friends!
So after several days of price increases, AUSUSD experienced a significant decrease yesterday, falling from the level of 0.651 and is currently fluctuating around the 0.640 range.
The formation of a bearish flag pattern on the short-term chart has confirmed a negative outlook for the AUD/USD pair. This indicates that it would be wise to wait for a sustainable break below the 0.6400 level before considering any further downward moves.
We need to consider the economic data from the United States - including the weekly initial jobless claims, Philly Fed manufacturing index, and existing home sales data. Along with US bond yields and broader risk sentiment, these factors may impact the USD price dynamics and create short-term trading opportunities around the AUD/USD pair before the release of the flash PMI print on Friday.
So after several days of price increases, AUSUSD experienced a significant decrease yesterday, falling from the level of 0.651 and is currently fluctuating around the 0.640 range.
The formation of a bearish flag pattern on the short-term chart has confirmed a negative outlook for the AUD/USD pair. This indicates that it would be wise to wait for a sustainable break below the 0.6400 level before considering any further downward moves.
We need to consider the economic data from the United States - including the weekly initial jobless claims, Philly Fed manufacturing index, and existing home sales data. Along with US bond yields and broader risk sentiment, these factors may impact the USD price dynamics and create short-term trading opportunities around the AUD/USD pair before the release of the flash PMI print on Friday.
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good luck
