The AUDUSD broke strong support at 0.7375
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 140 pips | Max. 0.7500
Min. 0.7250 |
The Australian dollar recommenced its downtrend after a two-week sideways consolidation within the range of 0.7500 – 0.7375 as the price broke the range’s lower border – level 0.7375 yesterday.
The price is now consolidating below level 0.7375, which is now acting as strong resistance. The longer this consolidation lasts, the bigger is the possibility of a rebound down.
Potential decline targets are found at 0.7300, 0.7200 supports.
Alternative scenario: the breakout of 0.7375 resistance will allow the bulls to correct the price up towards the descending trend line at 0.7450 or 0.7500 resistance.
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 broke strong support at 0.7375
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 140 pips | Max. 0.7500
Min. 0.7250 |
The Australian dollar recommenced its downtrend after a two-week sideways consolidation within the range of 0.7500 – 0.7375 as the price broke the range’s lower border – level 0.7375 yesterday.
The price is now consolidating below level 0.7375, which is now acting as strong resistance. The longer this consolidation lasts, the bigger is the possibility of a rebound down.
Potential decline targets are found at 0.7300, 0.7200 supports.
Alternative scenario: the breakout of 0.7375 resistance will allow the bulls to correct the price up towards the descending trend line at 0.7450 or 0.7500 resistance.
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!