AUD/USD has fallen back below 0.6550 amid broad-based USD demand. The pair has invalidated the bullish breakout confirmed on Wednesday. AUD/USD is losing altitude with markets buying the safe-haven US dollar on China’s decision to impose a controversial security law on Hong Kong. The AUD/USD pair is now trading near 0.6540, representing a 0.36% decline on the day. The pair’s drop below 0.6550 has invalidated the bullish symmetrical triangle breakout confirmed by Wednesday’s 0.96% gain. The bull failure would be confirmed if the pair ends Friday below 0.6550. That will likely invite stronger chart-driven selling, possibly leading to a re-test of support at 0.64, which restricted downside on May 14 and May 15. Chart analysts consider failed breakouts as a powerful bearish reversal signal. On the higher side, 0.66 is the level to beat for the bulls. The pair failed to close above that level remained elusive on Wednesday and Thursday. Daily chart Trend: Bearish Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next RBI unexpectedly cuts key rate by 40bps to 4.0% in May FX Street 2 years AUD/USD has fallen back below 0.6550 amid broad-based USD demand. The pair has invalidated the bullish breakout confirmed on Wednesday. AUD/USD is losing altitude with markets buying the safe-haven US dollar on China's decision to impose a controversial security law on Hong Kong. The AUD/USD pair is now trading near 0.6540, representing a 0.36% decline on the day. The pair's drop below 0.6550 has invalidated the bullish symmetrical triangle breakout confirmed by Wednesday's 0.96% gain. The bull failure would be confirmed if the pair ends Friday below 0.6550. That will likely invite stronger chart-driven selling, possibly leading to a re-test of support… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
