AUD/USD continues the downtrend

AUD/USD continues the downtrend

Trade idea

SELL 0.7010; TP1 0.6960; TP2 0.6860; SL 0.7030

AUD/USD formed a lower high within the overall long-term downtrend. The pair is currently supported by the 50% Fibo of the January recovery at 0.7020. This level is all that is left before the pair will slide to the lower levels of 0.6955 and 0.6860 in line with a “Head and Shoulders” pattern.

Positive dynamics will be once again possible if the pair returns above 0.7060, but even then the next resistance will be rather close, at 0.7085.

AUDUSD daily.png

Similar

Levels to trade EUR/USD

EUR/USD has turned up from the 50-day MA at 1.1715 yesterday. This is a sign that buyers are strong. Still, the short-term resistance line limits the upside at 1.1870.

USD/JPY: target for selling

The resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down.

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