Monday, 8 August 2016

AUD/USD Is Moving to the Upside




AUD/USD dropped with a little over 60 pips after the announcement of the Non-farm Payrolls last Friday, but the move to the downside was only temporary and the pair started climbing again after it formed a double bottom above the support at 0.7600. Currently the pair is testing the resistance at 0.7640, and although it has formed a spinning top candlestick and a hanging man candlestick on the one-hour time-frame it appears that the move to the upside will continue. If the signal for a move to the downside is valid after all, we likely expect a retracement to the support at 0.7620. On the other hand, if the pair continues climbing it will likely reach the previous high at 0.7663.
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4 comments:

  1. Unknown10 August 2016 at 07:32

    Thanks for the analysis, it's very useful!

    ReplyDelete
  2. Unknown10 August 2016 at 14:50

    Good rally on the Aussie, possible bullish continuation.

    ReplyDelete
  3. Unknown13 August 2016 at 18:46

    Further upside movement might be expected.

    ReplyDelete
  4. Rozen14 August 2016 at 04:52

    Nicely done with the post.

    ReplyDelete

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