FBS - Analytics

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    AUD/USD: the Aussie is overbought

    Yesterday the pair AUD/USD updated the two-week highs to the 0.7540. As we noted earlier, there is a strong resistance at this level. Additionally, the market was quite overbought. It's stopped the recovery process. Therefore today we saw a correction to the Tenkan-Sen. This line is holding the further falling of pair, but the correction can be continued up to the Kijun-sen. An then the new buyers may return to the market .

    Technical levels: support – 0.7500, 0.7460; resistance – 0.7540.

    Trade recommendations:

    1. Buy — 0.7460; SL — 0.7440; TP1 — 0.7540; TP2 — 0.7580.


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