Believe it or not, Aussie is following our way, the only way, as per post dated 12th of August 2018. As usual. In our post dated 12th of August 2018 we wrote, “AUD/USD has broken all the possible support levels last Friday the 10th of August 2018”. The last support for Aussie (formerly the forex currency pair AUD/USD), as mentioned in our post dated 12th of August 2018, was 0.7287 (which means 1 Australian Dollar was equal to 72.87 US cents) and we wrote, “The last possible support (not so strong) of AUD/USD can be found at 0.7287, which was the low of 8th of January 2017”.
Now Aussie has not only broken that support to the downside but also slid through 2 more intermediate supports viz. 0.7237 and 0.7202 as shown in the daily chart above as per Aussie is following our way. If you are in the Short side for this pair, you must be wondering the next level where Aussie may get a support. This is why we are writing this post: Aussie is following our way. As per our Proprietary Technical Analysis, the immediate supports for Aussie can be 0.7160 or 0.7145 as shown in the monthly chart below as Aussie is following our way. We must remember as Technical Trader that although Aussie has cracked through the support level 0.7202 for the time being, it can also snap back from that level as well. The long-term support for Aussie stays at 0.6827, the low of January 2016 as shown below:
Our reference post dated 12th of August 2018:
The other one from the two Forex Currency Pairs in the discussion, AUD/USD has broken the support level of 0.7329 (drawn from the low of May 2017) and 0.7310 which is drawn from the low of July 2018. The last possible support (not so strong) of AUD/USD can be found at 0.7287, which was the low of 8th of January 2017 as shown below:
To technically identify the next possible support levels of the two Forex Currency Pair and AUD/USD in the Professional way so that it will be easier for you to Trade Aussie currency pair in future and to find out the answers to all your Trading related queries, please contact us at 03 9566 7275 and book your FREE discussion session for 30 minutes at Level 3, 2 Brandon Park Drive, Wheelers Hill, Victoria 3150.
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