empty
 
 
11.06.2021 10:07 AM
AUD/USD More Upside In View

AUD/USD is trading in the green at the 0.7770 level and it could approach and reach new highs if the US Dollar Index drops further. The Dollar Index is located in the negative territory so a further drop is imminent.

Still, we cannot exclude a minor rebound registered by the DXY (USDX) after yesterday's sell-off. The US buyers have reacted badly to the US inflation growth. AUD/USD was into a temporary correction which has alreadyended, so more gains are favored.

AUD/USD Grows as DXY Drops

This image is no longer relevant

AUD/USD has found strong support below the major descending pitchfork's median line (ML) and right on the minor pitchfork's median line. It escaped from the minor pitchfork's body and from the triangle pattern.

It retested the weekly pivot point (0.7719) registering only a false breakdown with great separation, so an increase towards the R1 (0.7792) is favored.

Outlook!

Yesterday's false breakdown with great separation below the weekly pivot point of 0.7719 represented a bullish signal.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
Ralph Shedler
Start trade
Gagnez sur les variations du cours des cryptomonnaies avec InstaForex.
Téléchargez MetaTrader 4 et ouvrez votre première transaction.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback