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Technical analysis for the AUDUSD on 07.08.2015

The AUDUSD is consolidating at around the descending trend line of 0.7390

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 140 pips Max. 0.7500

Min. 0.7230

audusd1

Correction up from 0.7260 support has reached the descending trend line at 0.7390. The price approached the trend line at low volumes, which indicates weakening bullish potential.

Upside correction was halted by the trend line at the beginning of the week. Another approaching to the 0.7390 trend line will most likely trigger the rebound down again.

To confirm the reversal, bears have to break and hold below 0.7350 support. If they succeed, it will open the way to the next strong support at 0.7260.

Alternative scenario: the breaking of the 0.7390 descending trend line will allow the bulls to continue the uptrend towards 0.7425, 0.7490.

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!

The AUDUSD is consolidating at around the descending trend line of 0.7390

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 140 pips Max. 0.7500

Min. 0.7230

audusd1

Correction up from 0.7260 support has reached the descending trend line at 0.7390. The price approached the trend line at low volumes, which indicates weakening bullish potential.

Upside correction was halted by the trend line at the beginning of the week. Another approaching to the 0.7390 trend line will most likely trigger the rebound down again.

To confirm the reversal, bears have to break and hold below 0.7350 support. If they succeed, it will open the way to the next strong support at 0.7260.

Alternative scenario: the breaking of the 0.7390 descending trend line will allow the bulls to continue the uptrend towards 0.7425, 0.7490.

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!



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