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Chart Of The Day: AUD/USD

Published 02/08/2022, 06:50 PM
Updated 07/09/2023, 06:31 AM

AUD/USD Daily Chart.

On July 31, AUD/USD was my "Chart of the Day." Yesterday, I focused on AUD/NZD. Today, back to AUD/USD once again. Frankly, if a trend looks like it may extend, for different reasons, we should point it out.

Today, AUD/USD closed above the descending trend line that has been formed since Jan. 13, and the close above the .7140 level may allow for a move higher as we have formed a complex inverted head-and-shoulder pattern. The risk is for a move all the way back to the 200-day moving average in the coming weeks. There is a potential for a 200+ pip move in the pair, which would be the measured move from the head (Jan. 28 low to the neckline at .7208).

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