On the AUD/USD currency pair, the bullish sentiment is prevailing. The current technical picture signals a further increase in quotations. A number of classic patterns of the Price Action, Inside Bar and Outside Bar, were formed in the trading instrument (H4 timeframe), which are currently the formations of the upward trend continuation. The Australian dollar is testing the key resistance of 0.70400. We recommend paying attention to this situation.
If the price fixes above the 0.70400 mark, it is necessary to buy AUD/USD. The closest target for profit taking is 0.70750-0.71000. In the medium term, the trading instrument may reach the level of 0.71450-0.72000. Confirmations and entry points to the market should be looked for on lower timeframes. When tracking positions, we recommend using a trailing stop.
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.Open Account