The AUD/USD currency pair has become stable after a prolonged rally over the past 6 months. At the moment, the Aussie is consolidating. The current technical pattern signals a possible correction. Some classic patterns of Price Action, "Inside Bar", (D1 timeframe), have been formed in the trading instrument. At the moment, AUD/USD quotes are testing local support of 0.7045. We recommend paying attention to this situation.
If the price fixes below 0.7045, a correction of the AUD/USD currency pair is expected. The nearest goal for profit-taking is 0.6920-0.6780. In the medium term, the trading instrument may reach the level of 0.6560. Confirmations and entry points to the market should be looked for on lower timeframes. When following positions, 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