FX.co ★ AUD/USD

In the AUD/USD pair, last Friday we managed to stay in the sales zone of the Envelopes indicator on an hourly timeframe below the resistance level of 0.7168. This opened the way for the AUD/USD pair to continue falling, with the target for this decline being the support level of 0.7097, where the bottom of the trading range on an hourly timeframe is currently located. This level serves as the target and represents the maximum deviation of -1% from the 55-day moving average. The market is still in a flat mode, with about 70% of the total trading time spent in this range. Consequently, there is a 70% probability of a reversal towards an increase in the AUD/USD pair from the support level of 0.7097, which is a quite decent probability.