Let's analyze the currency pair AUD/USD using technical analysis. Our main focus will be on the levels of weekly pivot support and resistance, the basement indicator, and the indicator that forms the 1-2-3 pattern. Let's concentrate on the chart.
On March 30, the Vertex indicator during the first half of the American trading session signaled that the currency pair was oversold, leading to an active increase in quotes. The confirmation of the indicator's signal occurred on March 31, also during the American trading session. The 200 and 50 period moving averages show a stable downtrend, contradicting the signals of other indicators. However, it is worth noting that both moving averages were broken from bottom to top by candles, indicating the weakness of sellers. Buyers managed to form the 1-2-3 pattern, indicating their desire to reverse the trend upwards. Additionally, buyers were able to confirm the 1-2-3 pattern by breaking the 0.68786 mark, showing their strength. In this situation, there is an opportunity to wait for the price to consolidate above the weekly pivot support level of 0.9342 and consider opening a buy position.
