AUD/USD Bullish Breakout Attempt Fell Short, AUD/JPY Risks Falling

Talking Points – AUD/USD, AUD/JPY, Bearish Engulfing

  • AUD/USD struggled to find direction as EUR/AUD accelerated its descent as anticipated
  • Both AUD/USD and AUD/JPY attempted to overturn their dominant downtrends yet again
  • Their breakouts did not seem terribly convincing, especially AUD/JPY which may fall next

Have a question about what’s in store for Australian Dollar next week? Join aTrading QA Webinarto ask it live!

AUD/USD Technical Outlook: Neutral

When we last looked at AUD/USD, the pair struggled to push above a descending trend line from February. This is a resistance line that has been keeping the dominant downtrend in the Aussie Dollar intact. It was looking as though we could get a reversal of the prolonged descent in the pair, but the last few trading days of this past week proved otherwise. Meanwhile, EUR/AUD accelerated its drop as anticipated.

Looking at the AUD/USD daily chart below, the climb above the February trend line appears to have been a false breakout for now. Prices were unable to follow through as upside

Article source: