analytics5facffec2cdea.jpg

Overview :

The AUD/USD pair is trading below the 50 and 100 Simple Moving Averages on the one-hour chart. Momentum has turned to the downside, while the Relative Strength Index is stable.

The trend of AUD/USD pair movement was controversial as it took place in a narrow sideways channel, the market showed signs of instability. Amid the previous events, the price is still moving between the levels of 0.7300 and 0.7167. Also, the daily resistance and support are seen at the levels of 0.7300 and 0.7167 respectively.

Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel has completed.

The AUD/USD pair continues to move downwards from the level of 0.7341. Yesterday, the pair dropped from the level of 0.7341 (this level of 0.7341 coincides with the double top) to the bottom around 0.7264.

Today, the first resistance level is seen at 0.7341 followed by 0.7341, while daily support 1 is found at 0.7208.

Also, the level of 0.7208 represents a weekly pivot point for that it is acting as major support this week.

US weekly jobless claims are set to show an ongoing decrease, albeit at a moderate pace. Consumer Price Index statistics will likely show inflation remains under control.

Amid the previous events, the pair is still in a downtrend, because the AUD/USD pair is trading in a bearish trend from the new resistance line of 0.7300 towards the first support level at 0.7208 in order to test it.

Moreover, the price spot of 0.7300/0.7341 remains a significant resistance zone. Therefore, there is a possibility that the AUD/USD pair will move downside and the structure of a fall does not look corrective.

If the pair succeeds to pass through the level of 0.7208, the market will indicate a bearish opportunity below the level of 0.7208.

Additionally, if the AUD/USD pair is able to break out the first support at 0.7208, the market will decline further to 0.7167 in order to test the weekly support 2. Also, it should be noticed that support 3 is seen at the level of 0.7074.

However, the price spot of 0.7300 and 0.7341 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 0.7341 is not breached.

The material has been provided by InstaForex Company – www.instaforex.com

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.