The AUD/USD Will Probably Start Gaining In Near Term, Next Is The US GDP

Key Take-Aways

  • Beneath the 0.67900 resistance zone, the downtrend began on the 4-hour time frame
  • The price of EUR/USD increased and crossed a new monthly high.

Technical Analysis of AUD/USD

The price of the Australian Dollar dropped massively against the US dollar. Below the 0.67900 resistance level, the AUD/USD pair descended into the bearish zone.

On the 4-hour time-frame, the price is currently sitting at 0.66200 strong support zone at the time of writing this article. The price level could probably push AUD/USD pair higher into the profit zone and a possible break in resistance.

For EUR/USD, the pair is indicating a bullish potential and could hold gains higher in the near term.

Economic Release To Watch Today

  • The US Advance GDP Q1 2023: Forecast 2.0% versus 2.6% Previous.
  • The US Unemployment Claims: Forecast 248k Versus 245k Previous.
Amogo Solomon is a Broker-Dealer/Market Research analyst and writer in ACT Brokers with a background in Computer Science, Data Analytics, and Forex Broker Dealing. He specializes in Forex Dealing, markets Analysis, Currency research, forex fundamental and technical analysis, and Monitoring of Forex trends, Stocks, Equities, Cryptos, and Commodities. He possesses strong technical and analytical skills and is well known for his entertaining and informative analysis of the global economy, fiat currency, commodities, Stocks, Indexes, Futures, and Options markets. He held a Bachelor's degree in Computer Science and Nanodegree in Programming for Data Science Enterprise.