FX.co ★ Noahh | AUD/USD

AUDUSD Trend Outlook: I was concentrating on analyzing the real-time price action dynamics of the AUD/USD currency pair. Examining the Australian dollar against the US dollar, there was a range within the green dial rectangle. The seller accumulated volume here, suggesting a downward movement was likely. As the pair ascended, I anticipated it was merely taking out the seller's stops and expected a reversal near the seller's last limits. It climbed to the resistance at 0.71871. I doubt it will go higher, as persistent inflation hampers growth potential. Given this stagnation, I foresee a decline towards the support at 0.68965. The pair traded above the grey range on the four-hour chart before returning downwards, breaking the 0.71039 resistance. The seller's volume increased, indicating a possible turnaround.

This removal of seller stops suggests the pair revert to the grey range. The hourly chart also showed a range around 0.71379, where the seller gained volume. Here, too, the volume increases, likely signaled by stop removal, with an expected decline to the 0.70487 support, mirroring the four-hour chart. The AUD/USD pair's price rose slowly, and by the close of trading, the bulls had failed to reach the week's maximum mark. The general sentiment on the last trading day, driven by reluctance to carry positions overnight, hindered the bulls. However, buyers will renew their efforts at the opening of the next trading week, aiming to test and break through the visible level, pushing further bullish. On the daily (D1) chart, the next target at 0.72450 is promising, and the bulls could achieve it next week.