Youtrading UK
Português Español русский
Register Login
  • Markets
  • Charts
  • Economic Calendar
  • World
  • Economy
  • Insights
  • About Us
No Result
View All Result
Youtrading UK
  • Markets
  • Charts
  • Economic Calendar
  • World
  • Economy
  • Insights
  • About Us
No Result
View All Result
Youtrading UK
No Result
View All Result

AUDUSD Technical Analysis – Classic head and shoulders

by Nathan Batchelor
24 March 2021
in Commodities, Forex, Insights, World
0
AUDUSD Technical Analysis – Classic head and shoulders

Photo by Melissa Walker Horn.

376
SHARES
8.5k
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

The Australian dollar is coming under heavy selling pressure against the US dollar as commodity prices start to take a hit due to renewed fears over the latest wave of infections in Europe placing the so-called reflation trade into question.

Asian stocks are heavily in the red today alongside the Australian ASX200, while the US dollar has moved back into vogue with traders and is moving higher across the board against most major currencies except the usual safe havens, such as the Swiss franc and the yen.

Adding further pressure to the risk-off narrative, one of the world’s largest container ships is currently trapped in the Suez canal and is blocking close up to one-hundred container ships attempting cross passing through the straight.

The recent selling towards the AUDUSD pair has triggered a bearish head and shoulders, causing a sudden drop below the 0.7600 support level, and potential second day of heavy technical selling towards the pair.

Moves in the commodity market, particular iron ore, gold and oil influences the Australian dollar’s price behaviour. With gold, and oil in entrenched in correction mode the AUDUSD pair is unlikely to rally any time soon.

Perhaps the biggest mover for the AUDUSD pair is sentiment. Fears surrounding the reflation trade being delayed is likely to cause the pair to head lower for longer. The longer that global lockdowns remain in the place the stronger the chances of a deeper correction.

According to the ActivTrader market sentiment tool some 61 percent of traders are bullish towards the AUDUSD pair. Considering that the pair has lost close to three-hundred points in just over a week buyer need to be careful.

The AUDUSD pair is prone to trending price behaviour, meaning that it tends to pick a direction and stick to it. The latest down move could extend on a multi-day basis, and probably head lower than bulls are expecting.

AUDUSD Short-Term Technical Analysis

The four-hour time frame continues to show that a small head and shoulders pattern is in play, following the recent break under the 0.7700 level, and is close to reach its full downside potential

According to the overall size of the head and shoulders pattern the AUDUSD pair could reach the 0.7550 level in the short-term horizon. It is possible that a minor technical bounce in the AUDUSD pair could occur once the objective of the small bullish pattern is achieved.

See real-time quotes provided by our partner.

AUDUSD Medium-Term Technical Analysis

Looking at the daily time chart, a massive head and shoulders pattern has been activated, following the recent move below the 0.7600 support level.

According to the overall size of the bearish price pattern, the AUDUSD pair could be about to drop towards the 0.7200 level.

See real-time quotes provided by our partner.

AUDUSD traders should be aware that the pair will turn technically bearish for the first-time since June last year if the price moves below the 0.7400 support level.

Tags: ASX200AUDUSDCrude oilGOLDUSDCHFUSDJPY
Previous Post

USDJPY Technical Analysis – Correction time

Next Post

UK inflation is evaporating!

Next Post
UK inflation is evaporating!

UK inflation is evaporating!

Please login to join discussion

CALL US

Categories
  • Commodities
  • Economy
  • Forex
  • Index
  • Insights
  • Markets
  • Opening of the Week
  • Sem categoria
  • Stocks
  • World

Site Map

  • Home
  • Markets
  • Charts
  • Economic Calendar
  • World
  • Economy
  • Insights
  • About Us
Português Español русский

A comprehensive website for traders, both experienced and new! Checkout our content and learn how to invest and speculate in the markets using margin traded products. Our team of educators has extensive experience and is here to help. Enjoy!

Follow us on social media

Risk Warning

All financial products traded on margin carry a high degree of risk to your capital. They are not suited to all investors, please ensure that you fully understand the risks involved, and seek independent advice if necessary.

All Rights Reserved - YouTrading UK 2020

Privacy Policy and Terms and Conditions
  • Home
  • My Academy
    • Register Now
    • Login
  • Markets
    • Opening of the Week
    • Stocks
    • Commodities
    • Forex
    • Index
  • Charts
  • Economic Calendar
  • Economy
  • World
  • Insights
  • About Us
No Result
View All Result

© 2020 YouTrading UK - Leaders in Trader Training.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie settingsACCEPT
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
__cfduid1 monthThe cookie is used by cdn services like CloudFare to identify individual clients behind a shared IP address and apply security settings on a per-client basis. It does not correspond to any user ID in the web application and does not store any personally identifiable information.
_wpfuuid11 yearsThis cookie is used by the WPForms WordPress plugin. The cookie is used to allows the paid version of the plugin to connect entries by the same user and is used for some additional features like the Form Abandonment addon.
cf_use_obThis cookie is set by the provider Cloudflare content delivery network. This cookie is used for determining whether it should continue serving "Always Online" until the cookie expires.
cookielawinfo-checbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-advertisement1 yearThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Advertisement".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
CookieDurationDescription
YSCsessionThis cookies is set by Youtube and is used to track the views of embedded videos.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
CookieDurationDescription
_ga2 yearsThis cookie is installed by Google Analytics. The cookie is used to calculate visitor, session, campaign data and keep track of site usage for the site's analytics report. The cookies store information anonymously and assign a randomly generated number to identify unique visitors.
_gid1 dayThis cookie is installed by Google Analytics. The cookie is used to store information of how visitors use a website and helps in creating an analytics report of how the website is doing. The data collected including the number visitors, the source where they have come from, and the pages visted in an anonymous form.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
CookieDurationDescription
_fbp3 monthsThis cookie is set by Facebook to deliver advertisement when they are on Facebook or a digital platform powered by Facebook advertising after visiting this website.
fr3 monthsThe cookie is set by Facebook to show relevant advertisments to the users and measure and improve the advertisements. The cookie also tracks the behavior of the user across the web on sites that have Facebook pixel or Facebook social plugin.
IDE1 year 24 daysUsed by Google DoubleClick and stores information about how the user uses the website and any other advertisement before visiting the website. This is used to present users with ads that are relevant to them according to the user profile.
test_cookie15 minutesThis cookie is set by doubleclick.net. The purpose of the cookie is to determine if the user's browser supports cookies.
VISITOR_INFO1_LIVE5 months 27 daysThis cookie is set by Youtube. Used to track the information of the embedded YouTube videos on a website.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
CookieDurationDescription
_gat_UA-42160853-21 minuteNo description
cf_ob_infoNo description
CONSENT16 years 8 months 3 days 6 hours 2 minutesNo description
SAVE & ACCEPT
Powered by CookieYes Logo