AUD/USD Forex Signal: Hammer Pattern Uptrend (Chart)
AUD/USD Forex Signal: Hammer Pattern Uptrend (Chart) . (MENAFN - Daily Forex) Bullish View   Buy the AUD/USD pair and set a take-profit at 0.6700.  Add a stop-loss at 0.6510.  Timeline: 1-2 days.  Bearish View   Set a sell-stop at 0.6565 and a ...
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(MENAFN- Daily Forex) Bullish View



Buy the AUD/USD pair and set a take-profit at 0.6700.

Add a stop-loss at 0.6510. Timeline: 1-2 days.



Set a sell-stop at 0.6565 and a take-profit at 0.6400. Add a stop-loss at 0.6700.

Bearish View

The AUD/USD pair crashed and then pulled back, forming a hammer pattern, after Donald won the election. It initially retreated to a low of 0.6510, its lowest level since August 8, and then bounced back to 0.6590.

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The Australian dollar was highly volatile as investors reflected on the US election, which introduced a new normal in the financial market.

Donald Trump won the case decisively, ushering in a new era for the global economy, judging by his first term.

The most notable issue is his threat to restart his trade wars, especially in China, Australia's biggest trading partner. Another trade war could lead to a stronger US dollar as investors move to safe havens.

Trump has also unveiled plans to cut more taxes, a move that he hopes will grow the economy. The challenge, however, is that his policies will make the debt problem much worse since public debt stands at almost $36 trillion.

Therefore, the AUD/USD pair was volatile as traders reacted to the American election and the uncertainties that remain.

Looking ahead, the Federal Reserve is expected to cut interest rates by 0.25% in its meeting later today. The bank will also point to more cuts in the next meetings because of the worsening labor market.

Data released last week showed that the economy created just 12k jobs in October, while the unemployment rate remained above 4%. As such, more rate cuts are intended to make the labor market better.

Meanwhile, in Australia, the central bank left interest rates unchanged on Tuesday since inflation remains significantly high. Analysts expect that it will now cut rates in the first quarter of next year/USD Technical Analysis

The AUD/USD pair dropped to a multi-month low of 0.6510 and then bounced back to 0.6590. While it remains below the 50-day moving average, there are odds that it will bounce back in the near term.

EURUSD Chart by TradingView

It has formed a hammer candlestick pattern, a popular bullish reversal sign. The two lines of the MACD indicator have formed a bullish crossover, while the Relative Strength Index (RSI) has pointed upwards.

Therefore, the pair will likely continue rising as bulls target the key resistance point at 0.6700. On the flip side, a drop below this week's low of 0.6510 will point to more downside, with the next point to watch being at 0.6400.

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https://menafn.com/1108860321/AUDUSD-Forex-Signal-Hammer-Pattern-Uptrend-Chart
2024-11-07
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(MENAFN - Daily Forex) Bullish View   Buy the AUD/USD pair and set a take-profit at 0.6700.  Add a stop-loss at 0.6510.  Timeline: 1-2 days.  Bearish View   Set a sell-stop at 0.6565 and a ...
AUD/USD Forex Signal: Hammer Pattern Uptrend (Chart)