50.0%-61.8% Correction Zone on AUD/USD

50.0%-61.8% Correction Zone on AUD/USD

Last week, the Australian dollar recovered some of the losses after a prolonged decline. The AUD/USD currency pair has updated its local highs. Today the AUD/USD quotes have kept a 50.0%-61.8% correction zone, which has caused the bullish sentiment. At the moment, the trading instrument is testing a "mirror" resistance level of 0.71750. The AUD/USD currency pair is tending to grow. We recommend you to pay attention to this situation.

If the price fixes above the resistance level of 0.71750, further recovery of the AUD/USD currency pair is expected. The closest target for fixing profit is the local supply zone of 0.72100-0.72250. The movement is tending to 0.72500-0.73000. When tracking the position, we recommend using a trailing stop.

by JustForex, 2018.09.17

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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