Thursday, 26 November 2015

AUD/USD: A Move to the Downside?




AUD/USD reached the resistance at 0.7252, formed a doji candlestick on the daily time-frame and started moving to the downside. I expect that it will continue to fall at least until it reaches the support at 0.7140, and should it break below that level it might reach the next level of support which is at 0.7014. On the other hand, considering that the pair is currently in correction, it may bounce off the support at 0.7140 and continue climbing towards the resistance at 0.7450, which is visible on the weekly time-frame.

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