The AUD/USD pair took an enormous fall during the last week, the 1.02 level didn’t act as support since it got crashed in a few days from this incredible downside.
I think that the only good sign for the buyers of this pair is that it didn’t close the week below the 1.000 level. This data will may mean that there will be an inversion of the trend in the upcoming weeks.
At this point I think that it’s better to have a panorama view of the whole situation. Looking at the 1 day chart (where every little candle represent a 1 day price oscillation), we see that not so long ago (exactly one month ago) the cross reached the month-record of nearly 1.06 (1.0584).
After this high-rise , the pair descended the following weeks by reaching another high 1.0384 that formed a shooting star. The descent continued the following days by touching the incredible price of 0.9961 during the last Friday session.
Right now, the 0.97/0.98 level looks like the next target, so a great sell opportunity for everybody since the price may lower a little bit in the next week. However if we have a close look to the 4H chart, a breakout over the 1.02 level may mean a return into the previous 1.04 (resistance) and 1.02 (support) level, but at the moment I see this as a very unlikely situation in the nearer future.
Furthermore, a breakout over the 1.04 will point to a target the 1.06, but this will may take weeks, or months.
Let’s have a look at our technical indicators:
We can observe a majority of neutral signals for the Aussie, that is still uncertain at the moment but looks rather weak at the moment. Be careful.
Written by @AndreaCarnimeo
Disclaimer The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities. Visit Us www.deryworldscorp.web.id Visit Us www.deryworldscorp.asia
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