The AUDUSD keeps consolidating below the descending trend line of 0.7310
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 120 pips | Max. 0.7420
Min. 0.7200 |
The Australian dollar has been consolidating within strong 0.7260 support and the descending trend line at 0.7310 for more than a week.
The price has tested 0.7260 support three times, and all attempts were followed by rebounds to the descending trend line. As long as the trend line remains intact, downside potential preserves.
To continue the medium-term downtrend trend, bears have to break and hold below 0.7260 support. The breakout, if takes place, will open the way to 0.7200.
Alternative scenario: the downtrend will turn to the upside for correction if price breaks resistance at 0.7325.
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 keeps consolidating below the descending trend line of 0.7310
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 120 pips | Max. 0.7420
Min. 0.7200 |
The Australian dollar has been consolidating within strong 0.7260 support and the descending trend line at 0.7310 for more than a week.
The price has tested 0.7260 support three times, and all attempts were followed by rebounds to the descending trend line. As long as the trend line remains intact, downside potential preserves.
To continue the medium-term downtrend trend, bears have to break and hold below 0.7260 support. The breakout, if takes place, will open the way to 0.7200.
Alternative scenario: the downtrend will turn to the upside for correction if price breaks resistance at 0.7325.
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!