The AUDUSD has breached strong support at 0.7600
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 130 pips | Max. 0.7700
Min. 0.7500 |
The fifth attempt turned out successful and bears managed to break below strong support of 0.7600. The reason for the breakout were negative fundamental data, released in Australia this morning at 04:30 am.
Level 0.7600 is currently acting as a strong resistance. Moreover, this level is crossed by the upper border of the descending channel, which acts as additional resistance.
Re-test of the 0.7600 mark will most likely trigger consolidation, followed by the rebound down and continuation of the downtrend – 0.7565, 0.7500.
Alternative scenario: to turn the downtrend up, bull have to break resistance at 0.7600 and escape from the descending channel.
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 has breached strong support at 0.7600
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 130 pips | Max. 0.7700
Min. 0.7500 |
The fifth attempt turned out successful and bears managed to break below strong support of 0.7600. The reason for the breakout were negative fundamental data, released in Australia this morning at 04:30 am.
Level 0.7600 is currently acting as a strong resistance. Moreover, this level is crossed by the upper border of the descending channel, which acts as additional resistance.
Re-test of the 0.7600 mark will most likely trigger consolidation, followed by the rebound down and continuation of the downtrend – 0.7565, 0.7500.
Alternative scenario: to turn the downtrend up, bull have to break resistance at 0.7600 and escape from the descending channel.
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!