Selling the Retrace Up in AUD/USD - Forex News by FX Leaders
The retrace seems complete on the H1 chart

Selling the Retrace Up in AUD/USD

Posted Monday, April 12, 2021 by
Skerdian Meta • 1 min read

AUD/USD used to be one of the most bullish pairs during the past year, climbing around 15 cents and moving briefly above 0.80 towards the end of February. But, the bullish move ended back then, as the USD turned bullish, sending AUD/USD down.

This pair lost nearly 5 cents from top to bottom, but sellers called it off above 0.75. AUD/USD retraced higher in the first day of April and since then it has been trading mostly sideways, which indicates that buyers are weak, unable to put up a decent fight.

In the last week or so, the 100 SMA (green) has been acting as resistance on the H1 chart and it is doing that job again today, rejecting the price once again, as shown on the chart at the top of this article. The previous two candlesticks have closed as dojis, which are bearish reversing signals.

The 100 SMA keeps pushing AUD/USD down

The price is starting to retreat already, so let’s hope that the reversal will take place soon and we will get our pips from tis forex signal. The same moving average is also providing resistance on the H4 chart, which makes he case for sellers even stronger.

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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.
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