07.06.201823:43 Forex Analysis & Reviews: Trading recommendations for the AUD / USD currency pair on June 7, 2018

The AUD / USD currency pair is in the correction phase of May 10, where it felt a support level of 0.7410. Earlier in the articles, it was already discussed that the pair is sluggish but surely building a correction. Now, we can see the full phase after gaining from the main level of 0.7500. Where is the quote now? After a little over 230 points, we reached a periodic range of 0.7650 / 0.7680. The level belongs to the weak class, but its upper bound is intertwined with Fibo to 38.2, which gives it more confidence and as a result slows down the quotation.

Possible variations

At this stage, I'm more inclined to a temporary stagnation in the range of 0.7630 / 0.7680, doing any actions is extremely risky, you can run into a banal wagging. It is better to consider pending orders. The continuation of the uptrend, after fixing the price higher than 0.7700, move to the next range level of 0.7800, in which also there is a Fibo value of 50.0. With the sale is not so simple, due to the fact that previously there was abundant oversold and current correction. This is some exhalation of the market, we come to the fact that the return to 0.7500 or even lower is possible only by segments, that is 0.7580 / 0 , 7500. At the moment, I would consider the sell stop below the value of 0.7580, so as not to run into a false fluctuation. For the best entry point, it is worth waiting for the current development. There may be an attractive stagnation from which you can dance.

Key Levels

Resistance zones: 0.7680 **; 0.7800 **

Support zones: 0.7650 **; 0.7580 *; 0.7500

* Periodic level

** Range level

Without an asterisk (*), the main levels are indicated