AUD/USD analysis: Is there a chance for the buyers?
177
Overview- AUD/USD has been in a downtrend for the last 6 weeks. However, is this a downtrend or merely a correction? Let us take a look at whether there is a case for the buyers here.
Analysis - Looking at the chart, you can observer the following:
Price is still above the 100 day moving average, which indicates uptrend is intact.
0.7530 is a significant area of support.
However, price action is not in favor of the bulls.
Probable trade set-up - Based on the above analysis, there is a possibility in resumption of uptrend. A buy entry at 0.7540-0.7560 with SL below 0.75 and TP1 at 0.77 and TP2 at 0.78 is a possible buy signal.
Disclaimer - This is simply an analysis and not a trade recommendation. The trades will be executed only if it meets the required criteria.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.