AUD/USD: technical analysis
The pair continued its growth and tested 1.0120/50 resistance, mentioned earlier as another target. Trading is currently carried out at 1.0080/90 level. Indicators (MACD divergence) suggest further possible pullback towards lower levels. 1.0020/10 support may become a barrier for decline. If so, trading will consolidate within 1.0120/50 – 1.0020/10 range. Should the price breach 1.0020/00 support, trading will slip down to 0.9930/40. 1.0120/50 maximum breakout will be hindered by the strength of this resistance, which is even stronger, since it matches with corrected downtrend line (blue line).
Analysis prepared by: