For Traders

Analytical Reviews

Technical analysis

17.03.202319:39 Forex Analysis & Reviews: AUD/USD: upside reversal above 0.6710

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

AUD/USD Downside Seems Over!

The AUD/USD pair is trading at 0.6695 at the time of writing. The price dropped as much as 0.6570 where it has found strong demand. Now, it has jumped above the downtrend line signaling that the downtrend ended. It has tested and retested the broken downtrend line confirming its breakout.

Now, it stands right below the 0.6710 former high which represents an upside obstacle. Staying near this level may announce an upside breakout and continuation.

AUD/USD Forecast!

Passing and stabilizing above 0.6710 activates an upside reversal and brings new buying opportunities.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.