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Sat, Apr 20, 2024

AUDUSD breakout Analysis

In the 4-hour chart, AUDUSD has moved in an Uptrend by forming higher highs, higher lows.

Now, AUDUSD has broken the bottom level of the Uptrend line.

AUDUSD is moving in a downtrend for a long time in the weekly time frame chart.

audusd weekly timeframe wait for breakout or reversal

Now, AUDUSD price standing at the top zone of the downtrend line. however, breakout not yet confirmed.

Let’s wait for the breakout or reversal from this top zone to catch the long term trade on AUDUSD.

US Election Poll strengthens USD

Still, 56 days more for US Presidential election, Joe Biden and Trump poll spread widens, Joe Biden leads in the poll with Trump. So, the US dollar pushed higher more.

US election 2020 like thumbs up

Dollar gains on Wednesday after tech stocks sold in the market.

Vaccine hopes causes doubtfully, US Election polls widens for Joe Biden, this is considered as a support for US dollar to climb high.

US Dollar strengthens could push the Australian dollar and New Zealand dollar drags down.

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