For Traders

Analytical Reviews

Forecast

30.01.202320:34 Forex Analysis & Reviews: AUD/USD: 0.7066 crucial obstacle

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 New Downside Movement!

The AUD/USD pair turned to the downside and is trading at 0.7068 at the time of writing. You knew from my previous analysis that AUD/USD dropped below the uptrend line signaling that the upwards movement had ended and that we may have a new downward trend.

I've also said that dropping below 0.7084 former low activates a more profound drop. I've drawn a downtrend line that stands as a dynamic upside obstacle (resistance). So, as long as it stays below it, AUD/USD could resume its fall.

AUD/USD Trading Conclusion!

The 0.7066 former low stands as a downside obstacle. Dropping and stabilizing below it signals more declines and brings a selling opportunity.

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.