empty
 
 
09.01.2017 10:50 AM
Technical analysis of AUD/USD for January 9, 2017

AUDUSD is showing signs of a possible big degree reversal to the upside, so we pay close attention. A possible double bottom at 0.7150 and a higher low relative to the 2015 low at 0.6850, creates a setup that could push this pair back towards 0.83.

This image is no longer relevant

Green line - resistance

AUD/USD is in a short-term bearish trend and despite the bounce from 0.7150 trend remains bearish. Resistance is at 0.7350 and if this level is broken we should expect price to move towards the Ichimoku cloud resistance at 0.7450.

This image is no longer relevant

On a weekly basis, I will be very optimistic if price manages to break above the Ichimoku cloud. A break above the cloud will be a bullish sign that could push price towards the 38% Fibonacci retracement at least near 0.8350 not a move to ignore. The upside potential is very big and a break above 0.7730 will increase the chances of this scenario coming true.

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