AUDUSD - Weekly chart
Last week the rate crossed down the support line at 1.0350, as well as the short-term uptrend line. This week opening made a big rising gap, but from that time the rate was gradually falling. The nearest support is around 1.0350. Breaking it down will open the way for further decline.
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| AUDUSD - Weekly chart |
AUDUSD - Daily chart
Since the end of February the AUDUSD has been moving in the downward trend. It stoped in the support zone around 1.0350, and touched the higher order upward trend line. Large decline since the beginning of this week has almost close the formed gap. Further movement toward support at 1.0345 seems to be most likely. Breaking this support and the nearby uptrend line will give the signal for further decline.
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| AUDUSD - Daily chart |
AUDUSD - H4 chart
The rate moves in a downward channel. After reaching the 1.0335 support it bounced up and was stopped at 1.0445 resistance line. If the AUDUSD breaks down the short-term uptrend line (plotted during the upward correction) it will move towards 1.0335. Breaking this support would open the way towards 1.0275 and then to 1.0210. There some upward rebound is very possilbe.
If the rate turned to be so weak that it remains above 1.0335 some consolidation within the downward channel should be expected.
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| AUDUSD - H4 chart |
Trade recommendation:
Sell after closing below 1.0335 Take profit level: Target 1 : 1.0275 Target 2 : 1.0210 |
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