The bearish sentiment prevails on the AUD/USD currency pair. Over the past two weeks, the Australian dollar has fallen in price by more than 140 points. Aussie is still under pressure amid weak inflation data. The trading instrument is tending to decline. At the moment, a classic pattern of Price Action, Inside Bar, has been formed (H4 timeframe), which is a formation of the continuation of the current trend. The AUD/USD quotes are testing local support of 0.70300. We recommend paying attention to this situation.
If the price fixes below 0.70300, you should consider selling AUD/USD. The immediate goal for profit taking is a round level of 0.70000. In the medium term, the AUD/USD quotes may reach 0.69500-0.69000. Confirmations and entry points to the market should be looked for on lower timeframes. When tracking positions, we recommend using a trailing stop.
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.Open Account