AUD/USD trapped in consolidation

The direction of AUD/USD is hard to determine this year as AUD currency mostly influenced by situation between the U.S and China. Someday the situation got better another day the situation suddenly turned worse. However, both parties currently holding talks to reach an agreement. If a deal reached then the market sentiment on AUD/USD could turn better.

Not much to discuss at the current time, AUD/USD will continue to swing wildly and under pressure until the trade talk result disclosed.

New Month

Monthly chart

AUD/USD looked will bounce in the previous analysis and it manages to open higher next month. However, the bullish pressure losing momentum immediately and closed several pips below 0.7050 support level. After the close, AUD/USD continue moved sharply lower in January before turning up to close as a bullish candlestick.

This month, the pair slide lower but still above 0.7050 support level. No conclusion yet on AUD/USD next movement. The pair is under pressure but no breakout lower and no follow through on bullish close.

Weekly chart

On the weekly chart, the clue is bearish for AUD/USD. The pair print a lower low below 0.7050 and the high gets lower after each bounce. Without a higher high then AUD/USD expected to continue putting pressure on 0.7050 and might breakout below it.

Daily chart

There is a triangle pattern to watch on the daily chart. Currently, the pair fall below the triangle and testing the level near 0.7050. Similar to the monthly chart, there is no conclusion yet on AUD/USD next movement. The pair might continue moving sideline above 0.7050.