empty
 
 
30.01.2023 08:34 PM
AUD/USD: 0.7066 crucial obstacle

This image is no longer relevant

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.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback