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28.02.202013:26 Forex Analysis & Reviews: Trading plan for AUD/USD for February 28, 2020

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Technical outlook:

AUD/USD has been steadily dropping lower since the 0.7030 levels. Immediate price resistance on the 4 H time frame is seen at 0.6750 levels and a price break above that would confirm that a meaningful bottom is in place. The currency pair is seen to be trading close to 0.6510 levels at this point in writing and bulls should remain poised to reverse from here. A break above 0.6600 levels would also be extremely constructive for bulls to continue further. It is not shown here but a great deal of bullish convergence is seen around the ongoing price action. It should be a matter of time before a bullish reversal is seen from the current price around 0.6500. Trading point of view, it could be considered safe to remain flat for now and allow AUD/USD to break above the 0.6600 mark and then enter buying on dips.

Trading plan:

Remain flat for now. Look to buy on a break above 0.6600 levels.

Good luck!

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