13.07.202011:51 Forex Analysis & Reviews: AUD/USD Imminent Breakdown?

AUD/USD continues to stay right below the 0.6976 static resistance. Meanwhile, it has been moving sideways and it looks undecided. This situation makes us stay away for now. Personally, I really hope that we'll have a fresh trading signal soon as the price is trapped between important levels.

The currency pair has shown some overbought signs, but a corrective phase is far from being confirmed. The bullish bias remains intact in the short term, but the failure to jump and stabilize above the 0.7000 psychological level could announce a potential leg down.

Exchange Rates 13.07.2020 analysis

AUD/USD has failed to stay above the 50% Fibonacci line and above the 0.6976 level signaling the rate could pressure the lower median line (lml) of the minor ascending pitchfork.

The outlook is bullish as long as the price is trading within the minor ascending pitchfork's body, above the lower median line (lml). A false breakdown with great separation below the lower median line (lml) or another higher high, valid breakout above 0.7 level, could bring a buying opportunity. On the other hand, a valid breakdown below the lower median line will suggest selling with a first downside target at 0.6799 static support.

  • AUD/USD Trading Tips

Sell AUD/USD if the price escapes from the ascending pitchfork's body, if it drops and stabilizes below the lower median line (lml). The first target is seen at the 0.6799 level, only a valid breakdown through this level will open the door for a larger corrective phase.

A valid breakout above the 0.7000 level could signal a further growth towards 0.7064 and towards the median line (ml) of the minor pitchfork. Another higher high, a valid breakout above the 0.7064 will validate a larger upside swing.

*El análisis de mercado publicado aquí tiene la finalidad de incrementar su conocimiento, más no darle instrucciones para realizar una operación.

Ralph Shedler,
Experto analítico de InstaForex
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