On the AUD/USD currency pair the bearish sentiment has been prevailing for quite some time. Over the past month, the drop in quotations exceeded 250 points. In the near future, a technical correction is not ruled out. At the moment, a classic reversal formation of the price and MACD histogram divergence (H4 timeframe) has been formed. The key resistance is the round level of 0.74000. We recommend you to pay attention to this situation.
If the price fixes above the 0.74000 mark, you should consider buying AUD/USD. The closest target for profit taking is the offer zone of 0.74400-0.74750. In the mid-term, AUD/USD may reach 0.75000-0.75250. Confirmations and entry points to the market should be looked for on lower timeframes. When tracking the 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.