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.
That's good to know, thank you.
ReplyDeleteWill keep in mind these levels.
ReplyDeleteVery helpful analysis, thank you for sharing!
ReplyDeleteVery useful information.
ReplyDeleteI will watch these levels.
ReplyDeleteThanks for sharing it.
ReplyDelete