Overview:
- AUD/USD pair.
- Pivot: 0.6211.
- Trend: uptrend.
After rising from the bottom of 0.5978 to close at 0.6442, the worsening corona-crisis points to fresh falls towards the level of 0.6286.
The AUD/USD pair can still form an ascending impulse, it continues to rise upwards. The major support is seen at 0.6211which coincides with the ratio of 50% Fibonacci Expansion.
According to the main scenario, it may start forming correctional structures. Today, we foresee the price to move towards the level of 0.6341 and then reach a new maximum again around the price of 0.6442.
Please, note that the strong resistance stands at the level of 0.6442. If the price breaks the level of 0.6442, we expect potential testing of 0.5471.
The current ascending structure implies that the market may reach the level of 0.6442. In this area, the trend is challenging a major resistance level. The ascending impulse is strong enough to buy above the support of 0.6211.
Therefore, the price is expected to reach a high once again. It is rather gainful to buy at 0.6211 with the targets at 0.634, 0.6442 and 0.6571.
So, it is recommended to place take profit at the price of 0.6571 as the last target this week.
On the contrary, stop loss should be placed at the price of 0.6211(below the daily support). The bullish outlook remains the same as long as the Stochastic indicator is pointing to the upside on the one-hour chart.
