Australian Dollar Outlook: AUD/USD Dead Cat Bounce?
The Australian Dollar may be resuming its top against the US Dollar after a potential 'Dead Cat Bonce'.
A bearish 'Death Cross' is still in play between the 20-day and 50-day Simple Moving Averages.
Still, the 200-day SMA is playing out as key support.
A turn back lower and downtrend resumption entails clearing the June 21st low. Such an outcome may open the door to lasting losses.
Otherwise, follow-through may place the focus on a potential falling trendline from earlier this year.
A bearish 'Death Cross' is still in play between the 20-day and 50-day Simple Moving Averages.
Still, the 200-day SMA is playing out as key support.
A turn back lower and downtrend resumption entails clearing the June 21st low. Such an outcome may open the door to lasting losses.
Otherwise, follow-through may place the focus on a potential falling trendline from earlier this year.