AUD/USD bearish reversal at key level
The US dollar surged higher on the back of stronger US data, while equities plunged. This hit commodity dollars and pound hard. Even the USD/JPY managed a rebound.
But it is the AUD/USD which has caught my attention after reversing from key resistance at 0.6750ish. It is displaying a bearish-looking inverted hammer candle on the daily. A close around current levels could pave the way for a drop to 0.6522 next, the base of the prior breakout.
As you already know from my articles in the past, we have been highlighting the downside risks to equities and other risk assets. Today's price action confirms our thesis that the markets face a bumpy road ahead. This is good news for active traders. There will be plenty of tradable opportunities to look forward to.
By Fawad Razaqzada on behalf of FOREX.com
But it is the AUD/USD which has caught my attention after reversing from key resistance at 0.6750ish. It is displaying a bearish-looking inverted hammer candle on the daily. A close around current levels could pave the way for a drop to 0.6522 next, the base of the prior breakout.
As you already know from my articles in the past, we have been highlighting the downside risks to equities and other risk assets. Today's price action confirms our thesis that the markets face a bumpy road ahead. This is good news for active traders. There will be plenty of tradable opportunities to look forward to.
By Fawad Razaqzada on behalf of FOREX.com
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