AUD/USD is waiting for a reversal

The currency pair AUD/USD, amid general optimism, has been trading for a second consecutive week with a strengthening, approaching a significant resistance of 0.7200, which corresponds to the upper limit of the common downward channel on this pair. In addition to the annual downtrend, the formation of a “head and shoulders” pattern, which forms the second shoulder, is a signal to decrease.

Deals for the sale of AUD/USD should be considered below the level of 0.7180-50, which will indicate the formation of a decline and the ability to test support levels: 0.7080 and 0.7060. Resistance is located at the levels: 0.7200 and 0.7230, which act as a significant resistance and reversal zone.

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Hanzenko Anton

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