The Short-Term Trend Seems to Have Changed for AUD/USD - Forex News by FX Leaders
AUD/USD is 120 pips lower today

The Short-Term Trend Seems to Have Changed for AUD/USD

Posted Friday, July 24, 2020 by
Skerdian Meta • 1 min read

AUD/USD has been one of the most bullish pairs during the last several months. It crashed around 12 cents lower during the first two weeks of March, as panic set in, but then turned bullish after that and since mid March AUD/USD has climbed around  17 cents.

During this time, we have opened quite a few buy forex signals in this pair, while on Tuesday we saw this pair make another assault to the upside, climbing nearly 200 pips. But, the climb stopped short of the 0.72 level and this pair has declined around 120 pips lower do far.

During the bullish move higher, moving averages were keeping this pair supported, but now it seems like the situation has changed on the smaller time-frames. This pair as slipped below moving averages on the H1 chart, which now seem to have turned into resistance. The 20 SMA (grey) turned into resistance first, while today the 100 SMA (green) joined it, reversing the price lower after the pullback higher. So, the pressure seems to have turned to the downside now and we might open a sell forex signal at the 20 SMA.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of