AUD/USD: consolidation continues
Tatiana Norkina, FBS analyst
The currency pair yet fails to get out of the outset. The beginning of the week turned out not quite successful for the bulls as they were stopped by the four-hour cloud on the way. On the contrary, the bears have immediately set out an attack, using the cloud lower border as a starting point for new sales. However, they have met a strong support in the 0.7750 area which, in its turn, was used by the buyers today who returned the prices into the positive zone.
The cloud remains bullish, but it should be noted that the 0.7830 area will be marked by resistance of the horizontal line Kijun-sen. The break through this level in the near future may put an end to the long-term outset. If there is no breakthrough, we will witness resumption of the daily downtrend.
Technical levels: support – 0.7800; resistance – 0.7830.
1. Buy — 0.7850; SL — 0.7820; TP1 — 0.7900; TP2 — 0.7930;
2. Sell — 0.7800; SL — 0.7820; TP1 — 0.7730; TP2 — 0.7670.