AUDUSD → Bullish engulfment is currently in focus
AUSTRALIAN DOLLAR, 
AUDUSD – NEAR-TERM TECHNICAL UPDATE:
- Australian Dollar soared over the past 24 hours
-AUDUSD Bullish Engulfing is now in the focus
AUDUSD - Daily Chart
Recent performance in the Australian Dollar against the US Dollar and Japanese Yen is setting up an interesting technical landscape. On the daily chart below, AUDUSD surged on Thursday, leaving behind a Bullish Engulfing candlestick pattern. This can at times function as a reversal signal, but further confirmation from here is likely needed.
The pattern emerged as prices were unable to confirm a breakout under the 78.6% Fibonacci retracement level of 0.6382. On top of this, positive RSI divergence had been persisting, showing that downside momentum has been fading. As such, while early, there seems to be early indications of a reversal. But, confirmation is needed.
Keep a close eye on the 50-day Moving Average. The latter may hold as resistance, pivoting prices lower. Otherwise, breaking lower opens the door to facing the November low of 0.6272.
AUDUSD – NEAR-TERM TECHNICAL UPDATE:- Australian Dollar soared over the past 24 hours
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AUDUSD Bullish Engulfing is now in the focusAUDUSD - Daily ChartRecent performance in the Australian Dollar against the US Dollar and Japanese Yen is setting up an interesting technical landscape. On the daily chart below, AUDUSD surged on Thursday, leaving behind a Bullish Engulfing candlestick pattern. This can at times function as a reversal signal, but further confirmation from here is likely needed.
The pattern emerged as prices were unable to confirm a breakout under the 78.6% Fibonacci retracement level of 0.6382. On top of this, positive RSI divergence had been persisting, showing that downside momentum has been fading. As such, while early, there seems to be early indications of a reversal. But, confirmation is needed.
Keep a close eye on the 50-day Moving Average. The latter may hold as resistance, pivoting prices lower. Otherwise, breaking lower opens the door to facing the November low of 0.6272.
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