Forex Technical Analysis:AUDUSD Carves A Meaningful Bottom Around 0.6430

Bottom line:  AUDUSD might have formed a potential bottom around 0.6430 levels on February 28, 2020. It is expected to print higher highs and higher lows until 0.6430 is in place.

Technical Analysis:

AUDUSD seems to have finally formed a bottom around 0.6430 levels last Friday and has managed to rally over 220 pips since then. Please note that initial resistance at 0.6624 has also been taken out by Aussie bulls before pulling back. Looking at the short term wave counts since 0.6430, AUDUSD might have produced a potential leading diagonal towards 0.6650 levels. If the above is correct, we should expect a corrective drop lower but prices should remain above 0.6430. The corrective could potentially terminate between 0.6480 and 0.6516, as a lower degree Wave ii (not labelled on the chart for now). It is then expected to resume its wave iii rally towards 0.6990 and possibly break above a meaningful resistance at 0.7030 respectively. Most traders might be willing to initiate long positions around the 0.6500 mark with a protective stop loss below 0.6430 and projected targets above 0.6990/0.7030 levels respectively. Looking at the higher degree wave structure, the AUDUSD seems to have terminated a larger degree corrective drop since 1.1000 levels. A major support on the weekly chart is seen towards 0.6050 and until prices stay above that, the long term bullish structure prevails. Looking at the recent rally, it might be considered safe to initiate long positions against 0.6430 and target above 0.7030 resistance. Also note that a break above the immediate trend line resistance shall be encouraging for bulls to continue further. Immediate resistance is seen at 0.6750, followed by 0.6930 and 0.7030 respectively. A break above all would confirm that bulls are firmly in control and AUDUSD would be good candidate that traders might consider to buy on dips..

Prepared by

Harsh Japee, Technical Analyst.

 

AUDUSD Chart

 


MyFxtops 邁投 (www.myfxtops.com) -Reliable Forex Copy Trade community, follow the master for free to trade!

Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.

Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.

 

MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区,免费跟随高手做交易!

 

免责声明:本文系转载自网络,如有侵犯,请联系我们立即删除,另:本文仅代表作者个人观点,与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实,对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺,请读者仅作参考,并请自行核实相关内容。

著作权归作者所有。
商业转载请联系作者获得授权,非商业转载请注明出处。

風險提示

MyFxtops邁投所列信息僅供參考,不構成投資建議,也不代表任何形式的推薦或者誘導行為。MyFxtops邁投非外匯經紀商,不接觸妳的任何資金。 MYFXTOPS不保證客戶盈利,不承擔任何責任。從事外彙和差價合約等金融產品的槓桿交易具有高風險,損失有可能超過本金,請量力而行,入市前需充分了解潛在的風險。過去的交易成績並不代表以後的交易成績。依據各地區法律法規,MyFxtops邁投不向中國大陸、美國、加拿大、朝鮮居民提供服務。

邁投公眾號

聯繫我們

客服QQ:981617007
Email: service@myfxtop.com

MyFxtops 邁投