FX.co ★ Kingbaloch | AUD/USD

AUD/USD daily M15 timeframe chart Greetings In this scenario, the seller experienced a notable surge in trading volume, leading me to anticipate a subsequent downward trend towards the southern direction. Subsequently, I projected AUD/USD daily M15 timeframe chart an increase towards resistance level 0.6614. Despite initial growth, the pair retraced its steps, revisiting previous lows. At this point, I speculated that the pair would reverse its course, aiming for resistance at. However, contrary to my expectations, the pair not only revisited its prior lows but also breached the support level at. Even amid these developments, I maintained the expectation that the Federal Reserve would commence easing its monetary policy. Concurrently, I held the belief that the European Central Bank would persist with its monetary policy tightening measures. However, events unfolded differently. Igor, it's great to have a pleasant weekend here too. I might sound like a broken record, but I'll reiterate my viewpoint: not everything that shines is gold, and the fluctuation in the value of the US dollar isn't solely determined by the interest rate. There are numerous other underlying factors that can influence currency rates. These include speculative bubbles, economic policies banking crises, capital outflows, and even political turmoil such as the intense rivalry between the Republicans and Democrats for the presidency hope it doesn't escalate into armed conflict, although given Trump's unpredictability, nothing would surprise. These are just a fraction of the potential catalysts that could undermine the dominance of the US dollar over the next decade or two, considering the cyclical nature of life.

The analysis of the current market conditions reveals a return to the familiar pattern of a prolonged consolidation phase, evident on the daily chart. On Friday, a notable attempt to breach the upper threshold of this pattern occurred, albeit momentarily, as the price swiftly retreated from this level. Despite the emergence of three consecutive bullish candles, the overarching presence of a bearish engulfing pattern persists, indicating a potential reversal in the near future. This flat formation has been evident since January of the present year, delineated within AUD/USD daily M5 timeframe chart the boundaries of 0.6611. Interestingly, despite the recent price action, Friday's trading session concluded with the price hovering above the upper boundary of the Ichimoku Cloud indicator. While traditionally signaling a bullish sentiment, this juxtaposition against the prevailing technical indicators prompts a cautious outlook. Despite the apparent bullish momentum, I maintain a bearish stance, anticipating a reversal towards the downside. In particular, my attention is drawn towards a potential retest of the lower limit of the flat at. Should market dynamics favor this scenario, a breach of the lower boundary of the flat could catalyze a sustained move towards the next significant support level at. Thus, while the current market sentiment may suggest a bullish bias, the technical underpinnings warrant a measured approach, with a keen eye on potential downside risks. AUD/USD daily M5 timeframe chart