Created
: 2024.08.23
2024.08.23 21:56
AUD/USD corrects back after becoming overbought.
The pair pulls back below the trendline for its short-term uptrend during August - a bearish sign - however, it has also tracked higher over recent periods after posting a swing low at 0.6697 on August 22.
AUD/USD is still probably in a short-term uptrend which given "the trend is your friend" favors more upside. The pair might continue up to 0.6799, the July 11 high. A break back above the August high of 0.6761 would help confirm further upside.
A break below the 0.6697 (swing low and low of August 22), however, would indicate the correction had still further to fall, perhaps to a downside target at either the 50-period Simple Moving Average (SMA) at 0.6683 or the 200 SMA at 0.6636.
Created
: 2024.08.23
Last updated
: 2024.08.23
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy