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AUDUSD bullish reversal on the H4 chart

MACD signals AUDUSD momentum shift

 

The AUD/USD currency pair, also known as the “Aussie,” is one of the most traded forex pairs, representing the strength and dynamics of the Australian dollar against the US dollar. With Australia being a resource-rich economy and the US being the world’s largest economy, the AUD USD pair is influenced by commodity prices, interest rate differentials, and overall market risk sentiment. Today, the market’s attention is focused on the upcoming news from the Australian Bureau of Statistics regarding trade balance, as well as speeches by RBA Governor Michele Bullock, which may offer clues on future monetary policy. Additionally, key USD economic indicators, such as job cuts and labor market data, will further impact the direction of this pair. If Australia’s export data beats expectations or the RBA signals hawkish intentions, the Aussie could strengthen, while weak US labor data could also support a rise in AUD/USD.

H4-AUDUSD-Technical-Analysis-on-09.05.2024 

Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
Analyzing the AUD/USD H4 chart, we see several technical factors at play. The pair has been in a clear downtrend, moving from the 0 Fibonacci level down to below the 0.236 Fibonacci retracement level. However, the recent Aussie’s price action shows a recovery, with four out of the last five candles being positive, pushing the price above the 0.236 Fibonacci level. If this momentum continues, AUD/USD could aim to return to the 0 Fibonacci level. In terms of Ichimoku, the price dropped below the cloud but is now making an effort to re-enter and test it, indicating potential bullish momentum. Additionally, the MACD is showing signs of a possible bullish crossover, supported by a decreasing bearish histogram, which could signal further upward movement in the short term for AUD USD forex pair.

• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore LLC”. This post has been published only for educational purposes.