Wednesday 12 April 2017

Will AUD/USD Continue Falling?




AUD/USD has been moving to the downside for three weeks now, but whether that move will continue appears a little uncertain for now. The pair did break out below the last low at 0.7490, reaching a new low at 0.7473, but it also bounced off from the latter level and formed a pair of spinning top candlesticks on the daily time-frame. AUD/USD is still pushing to the downside despite those candlesticks and the question is whether it will manage to break out below the aforementioned support at 0.7473, or the signal for a move to the upside will prove valid. Should the pair break out below 0.7473, there will likely be a further move to the downside towards 0.7200, but if the pair bounces off from that level the closest target is at 0.7560, which is the (MA)89 on the daily time-frame.

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