For Traders

Analytical Reviews

Trend line

23.12.202015:47 Forex Analysis & Reviews: AUD/USD Ready To Drop!

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 has dropped through the uptrend line, it has tried to retest it without success, so now is somehow expected to drop again. The 0.7000 psychological level is seen as critical support.

Dropping and stabilizing under this level suggests selling as AUD/USD will be expected to approach and reach new lows. The bullish bias remains intact as long the rate stays above the 0.7 area even if the price has dropped under the uptrend line.

AUD/USD could resume its upside movement if it jumps above the 0.7161 former high.

AUD/USD TRADING CONCLUSION!

Dropping below the former lows and under the 0.7000 critical support brings a selling opportunity with a first downside target at the 0.6900 level.

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.