AXY has been rallying up these past few weeks but now it's time to find out what will happen next for the index.
Looks like with this pattern a healthy pullback will continue in accordance with its both levels of resistance.
Australian Dollar Falls No Further On Weaker Leading Indicator
Talking Points:
1. Westpac’s Australian leading index weakened in May
2. However, the Aussie Dollar had already been knocked by Moody’s shock China downgrade
3. Bears didn’t ask for any more
The Australian Dollar was steady Wednesday despite the release of a key leading indicator...
In the Daily time frame, you will see that still we are in the same channel since 2016 started. But where to go then inside that red channel we´re rebounding along? If you go back all 2016, will find the blue circles price action in the AXY to be something as a pivoting level. In the past, surpassing that level will take us very fast to reach next level. So, if a...
Hey traders, look for consolidation in the Australian dollar next week. My bias is toward the downside since we're channeling down on the short term. Breakout to the upside cannot be ruled out. We will see in the upcoming couple of days.
