It appears
a correction is in order for AUD/USD as the bearish trend seems exhausted – the
pair formed a sideways consolidation for the past few days – and there is also
a hammer candlestick above the support at 0.7150 which was a signal that a move
to the upside was imminent. Such a move did occur and although the pair is still
struggling to break above the resistance at 0.7250 I think it is very likely
for it to continue moving to the upside towards the next major level of
resistance at 0.7280. A breakout above that level could lead to a further climb
towards 0.7380, which is (MA)89 on the daily time-frame.
It seems to be a good time to buy.
ReplyDeleteI will be watching any break-out.
ReplyDeleteI think it might even reach 0.74526.
ReplyDeleteGreat assessment, thank you for sharing!
ReplyDeleteInformative article, thank you.
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