AUD/USD forms a “double top”

The AUD/USD pair, after the RBNZ brought down the price of the New Zealand dollar, also remains under the pressure. Apart from the fact that on the market continues to be sentiment, that the RBA will also indicate the possibility of lowering rates in the future, there are also concerns about raw materials and the US-China trade relations, while China is Australia’s main trading partner.

The AUD/USD pair on the H4 timeframe has almost completed the formation of the “double top” pattern after a decline on Wednesday,. The limiting factor for the start of working out is the oversoldness of the pair. Deals for sale should be considered when unloading the pair is oversold and fixing below the level of 0.7070-50, after which the way to the support levels will open: 0.7000 and 0.7020. Stop losses should be located above the levels: 0.7080 and 0.7100.

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Hanzenko Anton

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