AUD/USD Lost Another Support!
AUD/USD is vulnerable in the short term after falling under the minor red uptrend line. Technically, the pair has escaped from the major up channel, but it has continued to increase along the black uptrend line.
Now, the pair as run away from the major uptrend line signaling and exhaustion and an overbought environment. The most recent drop below the minor red uptrend signal a potential retreat, corrective phase, downside movement.
- AUD/USD Trading Tips
Sell if AUD/USD will drop below the former peak low, somewhere below 0.7140 level, the early target will be at 0.7078 static support. The second downside target is observed at 0.7025 level.
The probable drop is questionable how long the price is located, traded, above 0.7140 level. Therefore, another rally, jump above 0.7220 will suggest buying as the rate will invalidate a potential decline.
The material has been provided by InstaForex Company – www.instaforex.com