AUDUSD : BULLISH RECOVERY? WAITING FOR BREAKOUT
For almost a month now, the pair has lost up to 4.67% since its July 11 high. The short-term trend is clearly bearish.
However, the pair has returned to attractive price levels. The pair is now evolving within the triangle in which it has been for several days. This reintegration, after forming a low at 0.6478, could pave the way for a buying rally if buyers manage to break the 23% Fibonacci level at 0.6554. This level also represents the triangle's descending resistance.
A break of this level could enable buyers to take control and target higher price levels.
The 38% Fibonacci level would appear to be an interesting first level for buyers to take profits.
As for the RSI technical indicator, it is evolving in a bullish channel which is maintaining a relatively healthy buying force. However, we must remain vigilant as to the exit of this channel.
A return to the bottom of the triangle would put sellers in pole position to regain control.
Maxime Dominguez - Technical Analyst for Activtrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
However, the pair has returned to attractive price levels. The pair is now evolving within the triangle in which it has been for several days. This reintegration, after forming a low at 0.6478, could pave the way for a buying rally if buyers manage to break the 23% Fibonacci level at 0.6554. This level also represents the triangle's descending resistance.
A break of this level could enable buyers to take control and target higher price levels.
The 38% Fibonacci level would appear to be an interesting first level for buyers to take profits.
As for the RSI technical indicator, it is evolving in a bullish channel which is maintaining a relatively healthy buying force. However, we must remain vigilant as to the exit of this channel.
A return to the bottom of the triangle would put sellers in pole position to regain control.
Maxime Dominguez - Technical Analyst for Activtrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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