AUDUSD Analysis – April 27, 2020.
The AUDUSD pair being on a downtrend since August 2011, fell below its 11-year low (since October 2008) on the 19th of March 2020. This movement immediately reversed , and has been moving up since then.
The price hit a resistance around the 0.6433 region. After some sideways movement, the price broker through the resistance after the formation of a double bottom pattern.
In the short term, the price may continue to move up. This is further supported by a moving average crossover.
In the long term, we moght first see some overall sideways movement, while the market rests preparing for the next move. This move might be down in line with the 9-year downtrend or we might see a reversal.
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