AUD/USD continues to decline, detailed analysis
The AUD/USD pair extended the previous day's sharp pullback from levels just above the psychological 0.6500 mark or its highest in nearly three weeks and continued to lose ground during the Asian session on Thursday. The downward trajectory dragged spot prices lower into the weekly range, around the 0.6420-0.6415 region and was supported by sustained US Dollar (USD) buying.
About news:
In fact, the USD Index (DXY), which tracks the greenback against a basket of currencies, edged closer to a six-month peak hit last week and remains well supported by the Reserve's hawkish outlook Federal (Fed). As widely expected, the US central bank decided to leave interest rates unchanged at the end of its two-day monetary policy meeting on Wednesday.
On the technical level:
Looking at the technical picture on the H4 timeframe we can see that the current trend of AUD/USD is bearish with the formation of a bearish flag pattern on the short-term chart confirming the negative outlook for the pair. AUD/USD. That said, it would be wise to wait for a sustained break below the 0.6400 mark before preparing for any further downside.
About news:
In fact, the USD Index (DXY), which tracks the greenback against a basket of currencies, edged closer to a six-month peak hit last week and remains well supported by the Reserve's hawkish outlook Federal (Fed). As widely expected, the US central bank decided to leave interest rates unchanged at the end of its two-day monetary policy meeting on Wednesday.
On the technical level:
Looking at the technical picture on the H4 timeframe we can see that the current trend of AUD/USD is bearish with the formation of a bearish flag pattern on the short-term chart confirming the negative outlook for the pair. AUD/USD. That said, it would be wise to wait for a sustained break below the 0.6400 mark before preparing for any further downside.
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