AUD/USD keeps pullback from 0.6480 upside hurdle amid cautious markets, Fed Chair Powell in the spotlight

The AUD/USD pair remains in defensive territory after experiencing a significant drop, as traders await central bank speeches at the Jackson Hole Symposium and navigate concerns about policy changes and prolonged low interest rates.

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9/18/2023

AUD/USD Outlook Conflicted as Traders Look to Break Resistance

The majority of AUD/USD traders are currently holding long positions, indicating a bullish sentiment, but a contrarian approach suggests the possibility of weakness in the exchange rate; technically, the pair is forming a double bottom pattern, and if it breaks above the neckline resistance at 0.6500 to 0.6510, a rally towards 0.6600 could occur, while a break below support at 0.6360 may lead to a drop towards 0.6275 and invalidate the double bottom pattern.