The currency pair AUD / USD on the daily chart is in an upward movement, forming a “head and shoulders” figure with a projection of growth potential to the level of 0.7400. The pair consolidated above MA100 and MA200 finding resistance at 0.7060. At the moment, quotes are consolidating around 0.6900. The technical picture suggests the continuation of the downward correction. The nearest support is the zone of the level of 0.6700 (23.6% Fibo and MA200). The next and basic support will be the area of 0.6460 (38.2% Fibo and MA100). If the pair goes below the level of 0.6100 (61.8% Fibo), this will give reason to assume a trend change from upward to downward on the daily timeframe.
Created by Joshua Hayn
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