Recently, the Australian dollar declined against the U.S. dollar to 0.6311, marking its lowest level since March 2020.
One of the main reasons behind this decline was the strength of the U.S. dollar, which has lost its upward momentum recently, increasing the chances of a rebound in the AUD/USD pair.
The recent positive rebound of the AUD/USD pair has broken the last lower high, which is considered a bullish signal and a shift in trend from bearish to bullish.
The current decline is seen as a correction, and based on the Fibonacci retracement tool, the 0.61742 level supports the possibility of another upward move, with a short-term target at 0.6282.
However, if the price falls below 0.61311 and records a daily close beneath this level, the bullish scenario will be invalidated, and the bearish outlook will regain control over the AUD/USD pair.
One of the main reasons behind this decline was the strength of the U.S. dollar, which has lost its upward momentum recently, increasing the chances of a rebound in the AUD/USD pair.
The recent positive rebound of the AUD/USD pair has broken the last lower high, which is considered a bullish signal and a shift in trend from bearish to bullish.
The current decline is seen as a correction, and based on the Fibonacci retracement tool, the 0.61742 level supports the possibility of another upward move, with a short-term target at 0.6282.
However, if the price falls below 0.61311 and records a daily close beneath this level, the bullish scenario will be invalidated, and the bearish outlook will regain control over the AUD/USD pair.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.