For Traders

Analytical Reviews

Technical analysis

07.06.202320:58 Forex Analysis & Reviews: AUD/USD: downside reversal below 0.6646

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 Up Channel!

The AUD/USD pair increased within an up channel pattern. Now, it's trading at 0.6651 at the time of writing. As you can see, the rate failed to approach and reach the channel's upside line signaling exhausted buyers.

The rate dropped below the uptrend line which represented a downside obstacle indicating that the uptrend could be over and that we may have a downside reversal. Still, the former low of 0.6646 represents a key downside obstacle.

AUD/USD Trading Conclusion!

Dropping and stabilizing below 0.6646 activates a larger downside movement and is seen as 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.