False Break Larger to Mark High?
AUD/USD TECHNICAL OUTLOOK: BEARISH
- Australian Dollar reverses upside vary break, indicators topping
- Key assist simply above 0.62, break could clear path under 0.60
- Dealer sentiment research warn positioning favors features for now
The Australian Greenback failed to seek out follow-through on a break above vary resistance at 0.6570. Costs promptly reversed course and retreated again underneath the extent. Moreover, the looks of a bearish Night Star candlestick sample coupled with damaging RSI divergence means that this ‘false breakout’ could evolve into the formation of a broader high.
Rapid vary assist is at 0.6373. A break under that confirmed on a each day closing foundation appears prone to open the door for one more take a look at of the 0.6214-54 inflection zone. Extending decrease past that seems to unlock the trail under the 0.60 determine. Alternatively, a flip again increased faces the primary layer of considerable resistance within the 0.6671-90 area, a former assist degree courting again to…