FX.co ★ AUD/USD

AUDUSD Trend Outlook: Our ongoing conversation examines the AUD/USD currency pair's price assessment. According to the M15 chart, the instrument trades at local levels of 0.71598, in the corrective direction, against the Bearish trend. The entry point to the Short position can be likely after the currency is under the Minimum-0.70498. In this case, the critical Maximum will be -0.70998, where when entering the market for sale, it will be better to set a Protective order. Also, developing the reverse Long scenario after the instrument can break the critical Maximum-0.70998 and gain a foothold above it. With this price action, the currency channel will open to the supply zone of yesterday-0.71498. The AUD/USD currency pair reached a significant low at 0.71098 and almost closed the imbalance zone from the daily time frame, which could not stop the price. Perhaps, if you can update the low of June 28, then for a while, the price may get an up reaction and still go into a pullback so that the downward movement does not seem so frightening, as if the market is panicking and everyone decided to get rid of the Australian dollar.

The price is approaching significant lows, and it is unlikely that the fall will continue to be so recoilless; it is hard to believe that the AUD/USD currency pair will not stop in the area of 0.69898–0.70898. For the AUDUSD currency pair, the resistance levels of 0.71932 and 0.71937 were likely today within one hour. They are just perfect for opening a short position with them. The current sales price of 0.71122 does not look very promising. I use 0.71962 for the stop loss and 0.70921 for the profit for an excellent profit-loss ratio. In this combination, you can get the maximum benefit from trading today.