Thursday, July 05, 2018

As It Was Expected, The Support At 0.7340 – 0.7300 Proved Too Strong For AUD/USD

As I expected, the support in the zone around 0.7340 – 0.7300>>> proved too strong for the pair and it began moving north again.

The pair is attempting to break out above 0.7420 and if it succeeds then the next target should be around 0.7440 – 0.7450, which is a key zone for the last stage of the depreciation that has lasted from the beginning of May until now.

What can we expect after that? In case of a breakout the next support zone is around 0.7170 – 0.7110. I think that support will be the last for the bearish trend from 0.81356 to the expected target to 0.7110. If the pair reaches it, there could be a renewal of the upward trend which could lead the pair back to 0.7600 – 0.7800.