AUDUSD Correcting. Uptrend still intact.
#AUDUSD:
(1D):
Also here the USD is getting weaker, resulting in a clear uptrend, which is confirmed by the 200 EMA as well. After last complex consolidation, the chart has been overextending for quite some time, so consolidation was to be expected.
(4H):
On a shorter period indeed, we have a downtrend. We recently had a fakeout to the downside, when sellers tried to accelerate without result.
(1H):
Right now, we have a range which means indecision in the market. This also means that we could see a deeper correction, as well as a strong uptrendtrend rebound if broken to the upside. This aligns with gold analysis (AUD positively correlates with XAU).
(1D):
Also here the USD is getting weaker, resulting in a clear uptrend, which is confirmed by the 200 EMA as well. After last complex consolidation, the chart has been overextending for quite some time, so consolidation was to be expected.
(4H):
On a shorter period indeed, we have a downtrend. We recently had a fakeout to the downside, when sellers tried to accelerate without result.
(1H):
Right now, we have a range which means indecision in the market. This also means that we could see a deeper correction, as well as a strong uptrendtrend rebound if broken to the upside. This aligns with gold analysis (AUD positively correlates with XAU).