Re-trace of the AUD/USD price was not prolonged and prematurely ended with an abrupt change of direction three days ago. Right now, this Kangaroo is comfortably riding its bullish momentum as seen within the red channel. There is still a glimmer of hope for the USD, as the price is seen to hug closely to the channel support in the H4 chart; a sign of potential directional change next week.
On the much shorter terms; namely the M15 and H1, the AUD is showing to be comfortable in its bullish motion although the situation can be easily overcome by a re-trace to the red support line on the daily chart. Australia is a profound producer of commodities like steel, copper, and more importantly gold and silver. This fact alongside the rising prices of gold and silver influences the persistent strength of the AUD over the USD. Overall; on day to day terms this week, the current consensus is a full 3/3 AUD bias.
Disclaimer: Trading in the FOREX market & other forms of investments involves risk. This information should not AT ALL be viewed as investment recommendations. The charts & information provided here are not meant for investment purposes & only serve as technical examples.
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