The AUD/USD
bearish trend has been continuing for weeks now, but it appears that the pair
has finally found support at 0.7300 and has bounced off that level twice now.
If you look at the screenshot of the four-hour time-frame you will notice that
it has formed what appears to be a double bottom at that level, as well as a
pair of hammer candlesticks. Considering all this I think it’s very
likely that AUD/USD will start moving to the upside soon, and its next target
would be around 0.7390 – 0.7400. That said, there are no signals on the longer
time-frames that the overall bearish trend is about to reverse, so this is
likely just a temporary consolidation.
It's still testing the support at 0.7300.
ReplyDeleteThe last candle ended in a doji and the next candle triggered a decline.
ReplyDeleteThanks for the post, really helps.
ReplyDeleteInformative post.
ReplyDelete