FX.co ★ AUD/USD

Currency pair AUDUSD - let’s consider the chart of the D1 period today. The descending wave structure on this chart may have already broken after the current growth wave surpassed the previous wave’s peak. The MACD indicator is still in the lower sales zone, but is growing above its signal line. Here you can see that earlier the price moved down within the descending channel with a very steep slope, which means it could not stand for long and its breakout upwards were expected, which happened. At the beginning January, the price rose for a time, but the descending channel’s top proved a significant obstacle. The price could not break through it and fell back to, and updated, the bottom. After updating the bottom, the MACD indicator showed a bullish divergence, but the CCI also showed one. As expected, there would be a corrective price growth to the broken closest level of 0.6184, so it happened right away. This level was broken upwards, and the price returned to this level as a support. And, growth began from there, which led to the renewal of the maximum of the previous growth wave. Before that, another level of 0.6230 was broken, which also worked well as a support. Yes, the US dollar was weakening in the market. It turns out that the price had reached the target, went beyond the nearest maximum, plus the CCI indicator was in the upper overheating zone and was ready to exit it. If we apply the Fibonacci correction grid to the entire descent, then level 23.6 was also present. It is not surprising that a downward correction occurred, but now there is a support as a mirror level of 0.6228. From here, a new growth wave is expected to develop. Growth up to level 38.2 looks promising in the next two weeks.