The Australian dollar is waiting for correction

After a week-long decline the AUD/USD pair approached a significant support of 0.7200. It was caused by an aggravation of the US and Chinatrade confrontation, which, in turn, caused an increase in risks and a decline in the currency pair. But It is worth noting that general monthly uptrend for this pair remains and is limited to the support level of 0.7200. In addition to psychological support and an uptrend, this pair is limited to oversold.

So, on the formation of the repulse from the level of 0.7200 and consolidation above 0.7230-20 it is expected a test of the resistance levels: 0.7260 and 0.7300. Support is the mark: 0.7200 and 0.7180.

Read also: “The lock: one more time about the ways out”

Hanzenko Anton

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