Currency Analyst since 2010

AUD/USD: next sell target

Dima Chernovolov

• AUD/USD reversed from resistance zone

• Next sell target - 0.7640

AUD/USD yesterday reversed down from the resistance zone lying between the resistance level 0.7860 (which also previously reversed the price at the start of February, as you can see below), the 38.2% Fibonacci Correction of the previous downward impulse from the end of the earlier intermediate correction (4) (which stopped in the middle of January), and the upper daily Bollinger Band. The downward reversal form this resistance zone created the Japanese candlesticks reversal pattern – Dark Cloud Cover.

With the daily RSI still trading in the neutral territory, AUD/USD will most likely continue to fall in the nearest time - in line with the strong downtrend visible on the daily charts – toward the next sell target 0.7640 (which reversed the price twice earlier this month).

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