Technical analysis signals a possible correction of the AUD/USD currency pair after a prolonged decline. A classic reversal formation has been formed in the trading instrument the price and MACD histogram divergence (H1 timeframe). At the moment, the AUD/USD quotes are consolidating. The local resistance is the level 0.70600. We recommend paying attention to this situation.
If the price fixes above 0.70600, you need to look for entry points to the market in order to open long positions. The immediate goal for profit taking is the round level of 0.71000. In the medium term, the AUD/USD currency pair may reach the level of 0.71250-0.71450. When tracking a position, we recommend using a trailing stop.
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.Open Account