Divergence on AUD/USD

Divergence on AUD/USD

The current technical pattern signals a possible correction of the AUD/USD currency pair after a prolonged growth. A classic reversal formation, the divergence of price and MACD histogram (M30 timeframe), has been formed in the trading instrument. At the moment, AUD/USD quotes are stable. The level of 0.6510 is the nearest support. We recommend paying attention to this situation.

If the price fixes below 0.6510, AUD/USD sales should be considered. The nearest goal for profit-taking is 0.6485-0.6465. The movement is tending to 0.6435-0.6400. Confirmations and market entry points should be looked for on lower timeframes. When following positions, we recommend using a trailing stop.

by JustForex 2020.04.29

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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