Australian Dollar (AUD/USD) Technical Analysis: In this post, we have highlighted the possible move of Australian Dollar (AUD/USD) with the help of our Technical Analysis as shown below. The chart shown here is a monthly time frame chart of the Australian Dollar (AUD/USD) Forex currency pair.
After going through this Australian Dollar (AUD/USD) Technical Analysis, you will be in a position to understand the following:
- Why Price of Australian Dollar (AUD/USD) is doing what it is doing as of now,
- What are the specific support levels for Australian Dollar (AUD/USD) we are illustrating here according to our current observation,
- What Price of Australian Dollar (AUD/USD) can do in future if the said Market Structure matures,
- How you can take advantage of Our Technical Analysis for the Australian Dollar (AUD/USD) Market.
1> Why Price of Australian Dollar (AUD/USD) is doing what it is doing as of now: In our post dated 02-Sep-2018, we wrote as shown below, “We must remember as Technical Trader that although Aussie (Australian Dollar (AUD/USD)) has cracked through the support level 0.7202 for the time being, it can also snap back from that level as well”. It exactly did the same. The monthly bar of Australian Dollar (AUD/USD) closed below 0.7202 last month and immediately snapped back from that level.
2> What are the specific support levels for Australian Dollar (AUD/USD) we are illustrating here according to our current observation: The trend line support is generated by joining the 2 swing lows of October 2008 and January 2016 for Australian Dollar (AUD/USD). Price got a support at this trend line. the second support trend line is drawn by joining the 2 swing lows of May 2016 and December 2016 for Australian Dollar (AUD/USD). The third support line demonstrated for Australian Dollar (AUD/USD) is the horizontal line drawn from the swing low in May 2016 at 0.7145. the last support line for Australian Dollar (AUD/USD) has been generated by drawing a Fibonacci retracement from the swing low of October 2008 to the swing high of July 2011, which gave us the support level of 0.7194 as its 78.60% support line as shown below:
3> What Price of Australian Dollar (AUD/USD) can do in future if the said Market Structure matures: Now all these 4 support lines will be validated if the close of current month’s bar of Australian Dollar (AUD/USD) is staying above the said levels e.g. 0.7094, 0.7145 etc and next month’s high is crossing the current month’s high. Then there can be a high probability for the price of Australian Dollar (AUD/USD) to move up.
4> How you can take advantage of Our Technical Analysis for the Australian Dollar (AUD/USD) Market: To technically identify the next possible price objective for Australian Dollar (AUD/USD) in the Professional way so that it will be easier for you to Trade Australian Dollar (AUD/USD) currency pair in future from the current level 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.
Now you can learn to trade Forex currency pair Australian Dollar (AUD/USD) with us to explore the possibility of earning passive income keeping your day job.
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