AUD/USD Price Sets Up for a Rise, GBP/AUD Risks Extending Reversal

Talking Points – AUD/USD, GBP/AUD, Hammer Bullish Reversal

  • New AUD/USD 2018 lows did not hold, hammer bullish reversal warning formed on weekly
  • Australian Dollar still long ways off from reversing its dominant downtrend since February
  • Meanwhile GBP/AUD descended through critical support, confirming a downside reversal

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AUD/USD Technical Outlook: Neutral

The Australian Dollar was on pace to break through the two critical areas of support this past week, exposing the August 2015 lows. In fact, prices at one point reached their lowest this year thus far. However, in the final moments, AUD/USD made a recovery essentially leaving it close to where it began at the beginning of when we last looked at the pair.

On the weekly chart, this has translated into a hammer bullish reversal warning signal. More progress to the upside in the days ahead is needed to argue that the Aussie Dollar is turning higher in a more lasting move though. A

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