AUSTRALIAN DOLLAR, AUD/JPY, AUD/USD, GBP/AUD, EUR/AUD – TECHNICAL OUTLOOK
- Australian Dollar face selling pressure, but still, hold its place
- The bearish technical pattern in the AUD/JPY, AUD/USD brewing
- GBP/AUD and EUR/AUD struggle to maintain the breakouts
AUD/USD TECHNICAL FORECAST
The Australian dollar is currently trading in the bearish descending triangle against the US Dollar. Also, this follows the bearish “Death Cross” after a short term 20-day SMA (Simple Moving Average) crossed under the mid-term 20-day one. Nevertheless, AUD/USD remains in the consolidative mode considering that the triangle floor is holding. Any breach under the 0.7006 and 0.7043 support zone will open doors to resuming the August highs. Else, a nudge over this ceiling will bring the august highs back into the crosshairs.
AUD/JPY TECHNICAL FORECAST
Against the JPY, the Australian dollar seems to be facing the same technical scenario. The AUD/JPY trades in a descending triangle after the ‘death cross’ created between a 20-day and 50-day Simple Moving Averages. Nevertheless, the triangle floor has held and the bounce might result in retesting the dropping resistance. Otherwise, any drop via the support zone between 73.98 and 74.25 might open doors to the resumption of the August highs. This will ultimately place additional focus on the next support zone that included the June lows.
AUD/JPY Daily Chart
EUR/USD TECHNICAL OUTLOOK
The euro nudged to the highest levels since May against the Aussie dollar last week. Nevertheless, the EUR/AUD still struggled to maintain the push over 1.6498 and 1.6590 after the bearish Dark Cloud Cover candlestick pattern. Keeping this in mind, the breakout seems to have been largely false and placed extra focus on the surging support from last month. Incase this holds, it might reinstate extra focus to the uptrend with the prices trying the nudge via the 1.6773 and 1.6893 hurdles. Else, more losses seem to expose 1.6308 as it surges towards the June lows.