AUD/USD analysis- 11 August 2020, the tremendous uptrend from the AUD recently reached its point of no entry across major pairs.
Chart below shows how the bears are holding off on the weekly zone. This may be a clear indication of the upcoming bearish pressure pushing price further down.
AUDUSD DAILY CHART
The smooth uptrend failed to break the weekly zone, we see the Bulls coming in aggressively at the 0.78209 price point pushing price below recent interesting price points.
This is also market response to the economic data released in the USA last week to counter covid effects on the economy. Traders are responding well to this data. The good economic released by Australia did not put a dent on this bearish move, this reflects well on the US Dollar.
We also notice how the US Dollar started making gains across the board, interest rate decision by the Fed is coming in handy for the dollar and traders will not leave this opportunity on the table.
We have a trigger point at the 0.76745 price level, targetting the 0.7611; 0.75634 & 0.74770.
Supporting our Bias we take a look at the summary below:
Technical summary from investing.com
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