AUDUSD Breakout 18Month Low
AUDUSD has just broke a horizontal support level to reach the lowest price since July 2020.
On our currency meter indicator on 12H timeframe USD is the strongest of the 6 currencies at an average 71 RSI, with AUD the weakest of the 6 at an average 28.5 RSI.
USD has strong headwinds with the recent Fed meeting and markets now expecting as many as 5 rate hikes in 2022, bullish USD is a major theme of my Forex trading right now.
AUDUSD has seen a series of lower lows and lower highs and while price movements don't travel in straight lines, in my opinion there's a good probability that this breakout will be significant, and price can travel further down to create a new swing low.
On our currency meter indicator on 12H timeframe USD is the strongest of the 6 currencies at an average 71 RSI, with AUD the weakest of the 6 at an average 28.5 RSI.
USD has strong headwinds with the recent Fed meeting and markets now expecting as many as 5 rate hikes in 2022, bullish USD is a major theme of my Forex trading right now.
AUDUSD has seen a series of lower lows and lower highs and while price movements don't travel in straight lines, in my opinion there's a good probability that this breakout will be significant, and price can travel further down to create a new swing low.
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