empty
 
 
23.12.2020 03:47 PM
AUD/USD Ready To Drop!

This image is no longer relevant

AUD/USD has dropped through the uptrend line, it has tried to retest it without success, so now is somehow expected to drop again. The 0.7000 psychological level is seen as critical support.

Dropping and stabilizing under this level suggests selling as AUD/USD will be expected to approach and reach new lows. The bullish bias remains intact as long the rate stays above the 0.7 area even if the price has dropped under the uptrend line.

AUD/USD could resume its upside movement if it jumps above the 0.7161 former high.

  • AUD/USD TRADING CONCLUSION!

Dropping below the former lows and under the 0.7000 critical support brings a selling opportunity with a first downside target at the 0.6900 level.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback