AUD/USD: The end of the correction? New Long?

23.05.2016 / 03:10

Rating:

AUD/USD:

Date: May 23, 2016

H4+D1: Midterm long Trend on D1 and correction, moving down to H4.

The price of the pair fell and reached FIB 61,8%, and strong levels of horizontal and diagonal resistance levels.

Price Action: D1 графика - Hammer and Doji formations. On H4 graph we see an impulse for long.

Alternate scenario: If the price does not continue up and breaks down below its previous low at 0,71700, will cancel the bullish view.

Technical Indicators:

DEM (14) D1 - In the oversold zone

RSI (14) D1 - Also in the oversold zone - A signal from this indicator also can be waited for when it moves over 50 for stronger signal for long.

Price for Entry long around: 0,72100

SL: 0.71650

Sentiment: For now there are only speculations for the raise of the interest rates, and the data from the US is far from satisfying. The US indices are still in long trend, and their movement up will support the AUD in a "Risk On" environment.

Jr. Trader - С. Фучеджиев

Varchev Traders

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AUD/USD: The end of the correction? New Long?

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