A break of the key support level of 0.7335 could finally push AUD/USD into a bear market. In an alternative scenario, the first signal for a reversal and resumption of the uptrend will be a breakdown of the resistance level 0.7381.
However, only a convincing rise to the zone above the resistance levels of 0.7510 (Fibonacci level of 50% correction to the wave of the pair’s decline from the level of 0.9500 in July 2014 to the lows of 2020 near the level of 0.5510), 0.7520 will indicate the resumption of the long-term upward trend in AUD/USD.
In the current situation, short positions are preferred.
Sell by market, Sell-Stop 0.7330. Stop-Loss 0.7410. Take-Profit 0.7300, 0.7285, 0.7200, 0.7100, 0.7040
Buy Stop 0.7410. Stop-Loss 0.7330. Take-Profit 0.7489, 0.7510, 0.7520, 0.7570, 0.7740, 0.7815, 0.7835, 0.7885, 0.8000, 0.8160, 0.8200
AUD/USD: Trading Recommendations
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