Yesterday the Australian dollar stopped at the last daily fractal, 0.9590. Comparing this level on weekly charts, this is a strong support level that on many occasions was pushed up to levels of 1.03 or 1.05. Given that these days it is trading at this level, some analysts of several leading banks affirm that the Aussie looks weak in the face of the coming weeks. However, the H4 chart and the last three daily candlesticks maintain a slight upward trend. We are still optimistic about the recovery of this pair. I should expect a weekly close below 0.96 to change my perspective of recovery. However, the Momentum Indicator and MACD indicator give a bullish signal. We expect the signal breaks the Momentum Indicator from the bottom up, which we think will be confirmed when the price breaks the zone pair 0.9710, which will give a new bullish momentum to the Australian currency in the short term.
If you need personal consultation, Skype: gerardofx or contact me via e-mail: gerardo.porras@analytics.instaforex.com
