Double Bottom on AUD/USD

Double Bottom on AUD/USD

Technical analysis signals a possible correction of the AUD/USD currency pair after a decline during the past three weeks. Today, the trading instrument has kept the support level of 0.76500, that has caused the bullish sentiment. At the moment, a classic reversal pattern of Double bottom (H4 timeframe) has been formed. The AUD/USD quotes are testing the round level of 0.77000. We recommend you to pay attention to this situation.

In case of breakdown and retest of the 0.77000 mark, it is necessary to consider buying AUD/USD. The closest target of profit taking is the resistance level of 0.77450. In the medium term, the AUD/USD currency pair may reach 0.77800-0.78300. Confirmations and entry points to the market should be looked for on lower timeframes. When tracking the position, we recommend using a trailing stop.

by JustForex, 2018.04.03

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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