Retest of "Mirror" Support on AUD/USD

Retest of Mirror Support on AUD/USD

The AUD/USD currency pair has been recovering after a continuous fall. The trading instrument has updated local highs. The current technical pattern signals a further correction of quotes. At the moment, the AUD/USD currency pair is testing the “mirror” support level of 0.69400. The local resistance is the mark of 0.69600. We recommend paying attention to this situation.

If the price fixes above the resistance level of 0.69600, further growth of the AUD/USD quotes is expected. The immediate goal for profit taking is the mark of 0.69850-0.70000. The movement is tending to 0.70200-0.70500. Confirmations and entry points to the market should be looked for on lower timeframes. When tracking positions, we recommend using a trailing stop.

by JustForex 2019.06.03

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.

Registration

Get Free Analytics

* required fields