Divergence on AUD/USD

Divergence on AUD/USD

On the AUD/USD currency pair, the bullish sentiment prevails. Over the past month, the Australian dollar strengthened against the US dollar by more than 350 points. Nevertheless, a technical correction is not excluded in the near future. A sufficiently strong reversal formation was formed in the trading instrument - the price and MACD histogram divergence (H4 timeframe).

We recommend considering sales of AUD/USD if the price fixes below the local support of 0.79550. The closest target for fixing profits is the 0.78850 mark. In the medium term, the currency may reach a round level of 0.78000. When tracking a position, one should use a trailing stop.

by JustForex, 2017.08.01

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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.