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Australian Greenback Technical Outlook Forward: AUD/USD, AUD/CAD, EUR/AUD

australian-greenback-technical-outlook-forward:-aud/usd,-aud/cad,-eur/aud

Australian Greenback, AUD/USD, AUD/CAD, EUR/AUD – Technical Outlook

  • Australian Greenback going through combined indicators vs. USD, CAD and EUR
  • AUD/USD might reverse larger on assist, AUD/CAD ranging
  • EUR/AUD downtrend stays regardless of latest consolidation

AUD/USD 4-Hour Chart

The Australian Greenback faces its subsequent potential alternative to reverse the near-term downtrend towards the US Greenback because the starting of this month. AUD/USD is going through a mixture of a rising trendline from August and the 78.6% Fibonacci retracement stage at 0.7249. That is making for a important space of assist as optimistic RSI divergence exhibits that draw back momentum is fading.

The latter can at instances trace at a flip larger. Nonetheless, the 20- and 50-period Easy Transferring Averages (SMA) stay downward-sloping. This follows a bearish ‘Loss of life Cross’ from earlier this month. Clearing these strains could possibly be a sign that the Aussie is able to mount a restoration towards the Buck. In any other case, clearing instant assist exposes the September low at 0.71660 in direction of the August low at 0.7103.

Australian Dollar Technical Outlook Ahead: AUD/USD, AUD/CAD, EUR/AUD

Chart Created in TradingView

AUD/CAD 4-Hour Chart

The Australian Greenback continues to commerce inside the boundaries of a Descending Triangle towards the Canadian Greenback. As such, AUD/CAD might stay in a consolidative state, with a slight downward bias, till a breakout is achieved. For now, the pair has just lately examined the higher sure of the triangle ground, which appears to be a spread between 0.9096 and 0.9141.

The 50- and 100-period SMAs appear to be providing a downward bias, with a ‘Loss of life Cross’ having been established earlier this month. Clearing the 50-period line and 0.9190 could possibly be a sign that costs might flip larger in direction of the ceiling of the triangle. In any other case, diving deeper into the ground of the triangle will carry the pair nearer to a breakout and the 100% Fibonacci extension at 0.9057.

Australian Dollar Technical Outlook Ahead: AUD/USD, AUD/CAD, EUR/AUD

Chart Created in TradingView

EUR/AUD 4-Hour Chart

All issues thought of, the Australian Greenback stays on the offensive towards the Euro since August. That is regardless of latest consolidation in EUR/AUD. The broader downtrend nonetheless stays intact, particularly with a falling trendline from late August sustaining the draw back focus. Nonetheless, a bullish ‘Golden Cross’ stays in play from earlier this month between the 50- and 100-period SMAs.

Rapid resistance appears to be 1.5745, the place clearing the purpose would expose the trendline highlighted earlier. On the flip aspect, instant assist appears to be at 1.5444. Breaking underneath the latter might open the door to retesting the October low at 1.5351. Slightly below the latter sits the 1.5247 – 1.5287 assist zone. These are present 2021 lows set earlier this yr.

Australian Dollar Technical Outlook Ahead: AUD/USD, AUD/CAD, EUR/AUD

Chart Created in TradingView

— Written by Daniel Dubrovsky, Strategist for DailyFX.com

To contact Daniel, use the feedback part beneath or @ddubrovskyFX on Twitter

DailyFX supplies foreign exchange information and technical evaluation on the developments that affect the worldwide foreign money markets.

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