Technical analysis of AUD/USD for September 15, 2020
The chart shows an uptrend channel in the H1 since last week.
The currently price is set at 0.7315. The daily pivot point had already placed at the point of 0.7340.
The AUD/USD pair will continue to rise from the level of 0.7340 in the long term. It should be noted that the support is established at the level of 0.7340 which represents the 61.8% Fibonacci retracement level on the H1 chart.
The price is likely to form a double bottom in the same time frame. Accordingly, the AUD/USD pair is showing signs of strength following a breakout of the highest level of 0.7340.
So, buy above the level of 0.7340 with the first target at 0.7415 in order to test the daily resistance 1 and further to 0.7460.
Also, it might be noted that the level of 0.7460 is a good place to take profit because it will form a new double top. This suggests the pair will probably go up in coming hours.
Additionally, the price is in a bullish channel now. Amid the previous events, the pair is still in an uptrend. From this point, the AUD/USD pair is continuing in a bullish trend from the new resistance of 0.7415.
On the contrary, in case a reversal takes place and the AUD/USD pair breaks through the support level of 0.7340/0.7293, a further decline to 0.7218 can occur which would indicate a bearish market.
The material has been provided by InstaForex Company – www.instaforex.com