#AUDUSD #Forex Signal: Bearish Pattern Points to More Downside Ahead of #NFP (7 Dec 2023)

Posted by Clara Mellor on 22:27 with No comments

The Australian dollar has been under pressure in the past few days.

Bearish view

  • Sell the AUD/USD pair and set a take-profit at 0.6510.
  • Add a stop-loss at 0.6650.
  • Timeline: 1-2 days.

Bullish view

  • Buy the AUD/USD pair and add a take-profit at 0.6650.
  • Add a stop-loss at 0.6510.

The Australian dollar continued its recent sell-off as traders continued to reflect on this week’s RBA decision and GDP numbers. The AUD/USD also pulled back ahead of the upcoming US non-farm payrolls (NFP) data. It retreated to a low of 0.6560 on Thursday, lower than last Friday’s high of 0.6690.

US NFP data ahead

The AUD/USD exchange rate continued its downtrend after this week’s RBA decisio. In it, the bank decided to leave rates intact at 4.35% as it embraced a wait-and-see approach on inflation and economic growth.

Economists and traders believe that the bank is likely done raising interest rates for now. Future hikes will depend on the next inflation data, which will come out in January next year. The pair also dropped after the latest Australia GDP data.

AUD/USD technical analysis

The Australian dollar has been under pressure in the past few days. This retreat happened after the pair formed a double-top pattern whose neckline was at 0.6570, the lowest point on November 30th. It has also moved below the 50% Fibonacci Retracement level, the 50-period and 25-period moving averages, and the Ichimoku cloud.

The two lines of the MACD and the histogram have moved below the neutral point. Therefore, the pair will likely continue falling ahead of the US NFP data. If this happens, the next point to watch will be at the 38.2% retracement at 0.6510.



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