AUD/USD has
been consolidating sideways for a little over a month and the consolidation
continues for now. That said, as a consequence of that sideways consolidation
the pair has formed a very telling hanging man candlestick on the largest
time-frame – the monthly one. The hanging man candlestick is at the resistance
at 0.8050 and is a clear signal that the pair will likely bounce off from the
aforementioned level and start moving to the downside again. Should that
occur, the closest target is the previous low at 0.7806. A breakout below that
level will probably lead to a further drop towards the next support at 0.7760,
which coincides with the (MA)89 indicator on the daily time-frame.
The correction may have ended.
ReplyDeleteThe pair has found immediate support at 0.8030.
ReplyDelete