The AUDUSD is correcting into the descending trend line of 0.7740
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 120 pips | Max. 0.7850
Min. 0.7600 |
The Australian dollar has been recovering its positions against the USD for the third day. Corrective growth from 0.7600 support isn’t supported by trading volumes, which indicates weakening bullish potential.
The upper border of the descending channel 0.7700 failed to hold back the bulls. The next growth target is situated at the descending trend line of 0.7740, which is also acting as the key resistance.
The US dollar is strengthening across the board at the moment, so there’s quite a chance, that after the trend line test at 0.7740 the price will bounce down and continue its decline.
Alternative scenario: the downtrend will turn up if bulls manage to break and hold above the resistance of 0.7750.
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 correcting into the descending trend line of 0.7740
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 120 pips | Max. 0.7850
Min. 0.7600 |
The Australian dollar has been recovering its positions against the USD for the third day. Corrective growth from 0.7600 support isn’t supported by trading volumes, which indicates weakening bullish potential.
The upper border of the descending channel 0.7700 failed to hold back the bulls. The next growth target is situated at the descending trend line of 0.7740, which is also acting as the key resistance.
The US dollar is strengthening across the board at the moment, so there’s quite a chance, that after the trend line test at 0.7740 the price will bounce down and continue its decline.
Alternative scenario: the downtrend will turn up if bulls manage to break and hold above the resistance of 0.7750.
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!