50.0%-61.8% Correction Zone at AUD/USD

50.0%-61.8% Correction Zone at AUD/USD

There is an interesting technical pattern on the AUD/USD currency pair. The trading instrument has recouped most of the losses after a sharp decline at the beginning of this month. At the moment, the quotations are consolidating near 50.0%-61.8% of the correctional zone. The key range is 0.73350-0.73750. The positions must be opened from these marks.

If the price fixes above the local resistance of 0.73750, further recovery of the AUD/USD currency pair is expected. The closest target for profit taking is the 0.74250 mark. The movement is tending to 0.74600-0.74800.

Alternative option. If the price fixes below the 0.73350 mark, it is necessary to consider sales of AUD/USD. The immediate goal for fixing profits is the "mirror" support 0.72850. The target level of movement is 0.72400-0.72100.

Confirmations and entry points to the market should be looked for on lower timeframes. When tracking the position, we recommend using a trailing stop.

by JustForex, 2018.08.22

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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