Let's analyze the currency pair AUD/USD using technical analysis. The main focus will be on the levels of weekly pivot support and resistance, the basement indicator, and the indicator forming the 1-2-3 pattern. We will concentrate all attention on the chart.
On June 19, the Vertex indicator during the European trading session signaled that the currency pair was oversold, after which an increase in quotes began. Such a signal from the indicator can be considered confirming, especially with divergence, which strengthens it. The moving averages with periods of 200 and 50 show a confident downtrend, contrary to the signals of other indicators. Buyers were able to form the 1-2-3 pattern, indicating their intention to reverse quotes upwards. Buyers also managed to confirm the 1-2-3 pattern by breaking the level of 0.70239, demonstrating their strength. In this situation, I will wait for both moving averages to be broken upwards by candles, showing weakness in sellers. Then I will wait for the price to pull back to the weekly pivot expansion support level at 0.69910, where it will be possible to average the purchase.
