Friday, August 19, 2016

AUD/USD Reached a Critical Level of its Corrective Move to the Upside



The figure on the screenshot was formed a while ago, when the developing move to the upside had reached only the middle of it >>> .

Now the pair has reached a critical level of said move to the upside, namely the resistance trendline (the purple line) of the downwards trend from 1st April 2013 up until today as well as the resistance zone marked by the upper band of the Bollinger Bands indicator on the weekly time frame, not to mention that it has also formed a bearish pinbar on the same time frame and is forming a second one at the moment.

Today is Friday, so we will soon see how the second pinbar will close and whether it will remain as it is.
If it does, the most likely scenario for next week is a move to the downside towards 0.7480 - 0.7380 or even towards 0.7200.


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