AUDUSD remains in uptrend from 0.7371, the fall from 0.7566 could be treated as consolidation for the uptrend. Range trading between 0.7500 and 0.7566 would likely be seen in a couple of days. Near term support is at 0.7500, as long as this level holds, the uptrend could be expected to resume, and next target would be at 0.7650 area. On the downside, a breakdown below 0.7500 support will indicate that the upside movement had completed at 0.7566 already, then the following downward movement could bring price back into 0.7450 zone.

audusd 4-hour chart


Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.