The AUD/USD pair turns up mainly by bulls on the back of Fed’s hawkishness. The technical analysts tend now to be bullish, at least for the near term.
The AUD/USD pair is recovering on the back of a risk rally and relief that the Federal Reserve’s chairman, Jerome Powell, is arguing the case for less aggressive tightening.
This leads the technicals into a bullish outlook. From a daily perspective, the price is attempting to reach into the 0.7050s in a correction of the last leg of the M-formation’s bearish impulse. This aligns with a 50% mean reversion.
The bulls have fractured a number of hourly resistances in the move out of the downtrend and are un the runnings for higher corrective highs in the coming sessions.
Tags aud/usd FED Jerome Powell
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