AUD/USD may fall

AUD/USD may fall

Trade idea

SELL 0.7120; TP1 0.7100; TP2 0.7055; SL 0.7130

AUD/USD formed an inside bar on the weekly chart. If this week the Aussie closes in the negative area, it will continue towards the lower levels in line with the long-term downtrend.

On D1, the pair has lost the battle with the 100- and 50-day MAs. These lines are now acting as resistance in the 0.7170/80 area. AUD/USD failed to overcome this obstacle yesterday. Here’s also the weekly pivot point, and as long as the Aussie is below it, it will remain under pressure to test lower levels. The decline below 0.7125 will open the way down to 0.7095 and 0.7050.  

AUDUSDDaily.png

Similar

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

XAU/USD: an attempt to recover

After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

Latest news

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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