The US dollar has been through a hard time.
Although the US dollar is in a bad situation, this may not happen in every pair. Like AUDUSD, the price started to rise and fall a little bit on July 24th, even for most pairs the US dollars were going down at that time.
Can we continue to trust Australian dollars?
Let’s just ignore the bad situation of US dollars, just focus on this pair. First, I mark a falling wedge which is a bullish signal. Next, the cross on MACD is also a signal for reverse and this cross indicates an upward trend. The Bollinger bands shrink a little bit because we are now in the flat area. I would say that the price may break out after this shrink.
We cannot judge a pair just because one of the elements is in a bad situation, however, if other signals support this idea, then it may work.
This post does not provide Financial Advice for traders, its merely purpose is education, use all the information available from different Analysts and build your own strategy, trading is not for everyone, you should only trade with money you can afford to lose, past performance is not an indicator of future results.