Weekly Tech Outlook AUD/USD, EUR/AUD. Consolidation and Reversal

Talking Points – AUD/USD, EUR/AUD, Evening Star Candlestick Pattern

  • Despite bullish signs in AUD/USD, the Australian Dollar lost ground versus the greenback
  • AUD/USD prices might have set themselves up for consolidation as we head into Q4 next
  • Meanwhile, EUR/AUD prices may resume falling on bearish confirmation via weekly chart

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

AUD/USD Technical Outlook: Neutral

Despite the head and shoulders bullish reversal candlestick pattern in AUD/USD on the daily chart, the Australian Dollar lost ground against its US counterpart last week. Resistance held around 0.73106 which is the lows achieved back in July. It ultimately prevented the pair from testing the long-term descending trend line from February as well. With that in mind, the AUD/USD technical outlook will change to neutral next.

This is because the Australian Dollar s might have set itself up to enter consolidation mode in the week ahead as the pair oscillates between key support and resistance. The former seems to

Article source: https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2018/09/30/Weekly-Tech-Outlook-AUDUSD-EURAUD-Consolidation-and-Reversal.html