The AUD/USD pair initially tried to rally but found far too much in the way of resistance above the 0.73 level to continue going higher. By doing so, we
The AUD/USD pair initially tried to rally but found far too much in the way of resistance above the 0.73 level to continue going higher. By doing so, we ended up forming a shooting star, it looks like we are trying to go lower. However, there is a lot of noise just below as well, so this point in time it’s probably easier to trade the Australian dollar off of shorter-term charts more than anything else. On the other hand, if we broke above the top of the shooting star, it could be a nice buying opportunity as we would more than likely try to grind to the 0.76 handle.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
