AUDUSD, are sellers setting up a new extension lower?

[upamfva]

AUDUSD, are sellers setting up a new extension lower?



Today we are looking at the AUDUSD as sellers look to be pushing at a new extension lower. After yesterday’s rally stalled at resistance so far today, we have seen momentum squarely back with sellers.To get more news about beurax, you can visit wikifx.com official website.

Overall price remains in a long-term uptrend, but since the last April high was put in, buyers have struggled to get momentum going with a charging USD continuing to pressure the AUD. Despite Australian inflation pressure and talk of rates increasing in June, this is overshadowed by 40-year high inflation in the States and Fed members vowing to act.

Since that high, we have watched a new downtrend develop with price making its first leg lower, returning to 0.74. Yesterday we did see a fightback, but that was stopped by resistance and supply that remains around the .7450-.7480 area.

Today’s rally was also stopped by this supply level and has started to develop into a trigger bar. If sellers can break minor support, we will continue to look for a continuation lower, maintaining the current downtrend. The big test if the price makes a new push lower is the long-term uptrend. Will it stop sellers and start a new continuation point for buyers?

This could be a critical crossroads for the longer-term picture, and we feel a lot will come down to the current situation with US inflation, their rates policy and demand for commodities. Covid continues to run rife in China, and if the situation continues, this could also have a knock-on effect on demand.
The information provided here has been prepared by Eightcap’s team of analysts. All expressions of opinion are subject to change without notice. Any opinions made may be personal to the author and do not reflect the opinions of Eightcap.

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That being said, assessing whether sellers are setting up for a new extension lower in the AUDUSD pair would typically involve analyzing recent price action, trend patterns, support kinitopet and resistance levels, as well as any fundamental factors that might be driving the market.

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