Thursday, June 21, 2018

The Closest Target Of The Depreciation Of AUD/USD Is The Zone 0.7170 – 7110


After the pair tested the support trend line it broke out below (in red) and could not breakout above it, which turned the trend line into a resistance one, the AUD/USD pair started dropping sharply, depreciating with about 340 pips for three weeks.


For the moment the pair looks like it will find support in the zone 0.7340 – 0.7300 (the golden line). It is possible to really begin forming a correction to 0.7450- 0.7480 within that zone, which will give the pair the opportunity to gather liquidity to test the next strong support at 0.7170 – 0.7110 (in blue).

There we can expect a strong and long term correction to the upside, but it is too early to make a prognosis how far it could reach.


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