empty
 
 
17.03.2023 07:39 PM
AUD/USD: upside reversal above 0.6710

This image is no longer relevant

AUD/USD Downside Seems Over!

The AUD/USD pair is trading at 0.6695 at the time of writing. The price dropped as much as 0.6570 where it has found strong demand. Now, it has jumped above the downtrend line signaling that the downtrend ended. It has tested and retested the broken downtrend line confirming its breakout.

Now, it stands right below the 0.6710 former high which represents an upside obstacle. Staying near this level may announce an upside breakout and continuation.

AUD/USD Forecast!

Passing and stabilizing above 0.6710 activates an upside reversal and brings new buying opportunities.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2023
AUDUSD
Australian vs US Dollar
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Start trade
Start trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Technical Analysis of GBP/USD for March 31, 2023

Technical Market Outlook: The GBP/USD pair has made another higher high at the level of 1.2422 as the up trend continues. Nevertheless, on the H4 time frame chart the rally

Sebastian Seliga 08:30 2023-03-31 UTC+2

Technical Analysis of EUR/USD for March 31, 2023

Technical Market Outlook: The EUR/USD bulls finally broke above the intraday technical resistance seen at 1.0868 and are approaching the last swing high located at 1.0930. In a case

Sebastian Seliga 08:29 2023-03-31 UTC+2

EURUSD, H4 | Potential Reversal from a key level?

The EUR/USD chart is displaying bearish momentum, indicating a potential drop from the multi-swing high resistance level at 1.0927, coinciding with a 78.60% Fibonacci retracement. The first support level

Dean Leo 08:14 2023-03-31 UTC+2

WTI, H4 | Potential bearish reversal?

WTI crude oil prices are currently bearish and may drop towards the first support at 71.15, while facing resistance at 74.07. Key support levels include a significant overlap support

Dean Leo 08:13 2023-03-31 UTC+2

Analysis of Silver for March 31,.2023 - Tight sideways range breakout

Technical analysis: Silver has been trading sideways in the last 10 hours and I see potential for the downside breakout and downside correction to start. Due to the breakout

Petar Jacimovic 07:56 2023-03-31 UTC+2

USD/CAD analysis for March 31, 2023 - Potential for the downside continuation

Technical analysis: USD/CAD has been trading downside as I expected and the price has reached the first downside objective at 1.3517. I still see potential for the downside continuation

Petar Jacimovic 07:51 2023-03-31 UTC+2

Trading Signal for GBP/USD for March 31, 2023: sell below 1.24 or if pullback at 1.2451 (21 SMA - 6/8 Murray)

A daily close and a sharp break below 1.2329 (5/8 Murray) could be a sign of a reversal and trend change and the pound could reach the area of 4/8

Dimitrios Zappas 06:19 2023-03-31 UTC+2

Forecast for EUR/USD on March 31, 2023

Investors switched from policy expectations from the Federal Reserve to the European Central Bank. Yesterday's German inflation report gave them reason to believe that the ECB will continue to tighten

Laurie Bailey 05:42 2023-03-31 UTC+2

Forecast for GBP/USD on March 31, 2023

After the pound settled above the MACD indicator line on the daily chart on Wednesday, it rose by 74 points on Thursday, and this morning, GBP reached the target level

Laurie Bailey 05:42 2023-03-31 UTC+2

Forecast for AUD/USD on March 31, 2023

The Australian dollar broke through the upper limit of the neutral range that started back on March 17. AUD climbed out of this range this morning. It could fall

Laurie Bailey 05:41 2023-03-31 UTC+2
Can't speak right now?
Ask your question in the chat.