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The AUD/USD pair has broken resistance at the level of 0.7209, which acts as support now.
So, the pair has already formed minor support at 0.7209. The strong support is seen at the level of 0.7134 because it represents the last bearish ave.
In the H1 time frame, the RSI and the moving average (100) are still pointing to the upside. Therefore, the market indicates a bullish opportunity at the level of 0.7209.
Buy above the minor support of 0.7209 with a target at 0.7285 (this price is coinciding with the ratio of 100% Fibonacci - double top).
On the other hand, if the pair closes below the minor support (0.7186), the price will fall into the bearish market in order to go further towards the strong support at 0.7163.
The falling structure does not look corrective. In order to indicate a bearish opportunity below 0.7209, sell below this level (0.7209) with the first target at 0.7163.
Moreover, if the pair succeeds to pass through 0.7163, it will move downwards continuing the bearish trend development to 0.7087 in order to test the daily support 2.
However, if a breakout happens at 0.7351, this scenario may be invalidated.
Comment:
Also, the double bottom is seen at the level of 0.7087. If the trend is buoyant, then the currency pair strength will be defined as following: AUD is in an uptrend and USD is in a downtrend.
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