Double bottom on AUD/USD

Divergence on USD/CAD

Technical analysis signals a possible correction of the AUD/USD currency pair after a significant decline in the past two weeks. Today, the trading instrument has kept the support level at 0.73500, which caused the bullish sentiment. At the moment, a classic reversal figure of Double bottom (H1 timeframe) has been formed. The local resistance is the level of 0.73750. We recommend you to pay attention to this situation.

If the price fixes above the 0.73750 mark, you need to look for entry points in the market to open long positions. The closest target for fixing profit is the resistance level of 0.74100. In the medium term, the AUD/USD currency pair may reach the level of 0.74500-0.74750. When tracking the position, we recommend using a trailing stop.

by JustForex, 2018.06.21

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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