Wednesday, May 30, 2018

The AUD/USD Correction Continues, The Test Of The Trend Line Remains A Valid Target

For the past few days AUD/USD behaved exactly as I expected>>>  – it dropped and tested the support zone at 0.7500 – 0.7520, with the pair depreciating to 0.74759.

Today the rally north was very sharp: for a single day the pair rose from 0.74759 to 0.75750 (at the moment the rally is exactly 100 pips). In my opinion this is not the entirety of the rally – the test of the breakout of the flag on the W1 time frame is still a valid target.

There is a little over a day left until the bar on the monthly time frame closes, but judging by its shape we could make an educated guess how much the pair will rise. In my opinion, the closest target for the moment is 0.7600, followed by 0.7670, but we could witness a rally to 0.7720 – 0.7750.