Opinion on the AUD/USD. The Australian tries to return to the game

During today’s trading, the Australian dollar remains positive against the US dollar, helped by the positive dynamics of prices for gold and oil. It is worth taking into account the fact that the situation on world markets remains rather ambiguous, on the one hand, long-term trends in oil and gold retain an upward trend, but in the shorter term, a downward correction may continue, which will also put pressure on the Australian currency.

Technical analysis: The pair AUD/USD, during today’s trading, was fixed above the resistance line of the downward channel on H1, which is a signal to restore the price of the instrument. In turn, the pair’s growth is limited to 23.6 level of Fibonacci lines on H1, at the mark of 0.7845.

Key recommendations: Purchases on the instrument should be considered after securing the pair above the level of 0.7845, with the upside potential to the level of 0.7900. Sales on the pair should be considered after the price of the instrument is returned to the downstream channel and when the price is fixed below 0.7810 with a drop potential to 0.7760.

Alexander Sivtsov