Technical analysis signals a possible correction of the AUD/USD…
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This article is originally referred from JustForex News.
Technical analysis signals a possible correction of the AUD/USD currency pair after a prolonged decline.
A classic reversal formation has been formed in the trading instrument the price and MACD histogram divergence (H1 timeframe).
At the moment, the AUD/USD quotes are consolidating.
The local resistance is the level 0.70600. We recommend paying attention to this situation.
If the price fixes above 0.70600, you need to look for entry points to the market in order to open long positions.
The immediate goal for profit taking is the round level of 0.71000. In the medium term, the AUD/USD currency pair may reach the level of 0.71250-0.71450.
Original Source: JustForex News