AUDUSD technical analysis by Guriforex | Forex trading signals

AUDUSD technical analysis!

AUDUSD technical analysis by Guriforex

Hello Trader, we are here with an another AUDUSD technical analysis. The AUD/USD pair is currently being analyzed technically and the following key observations have been made:

📉 AUDUSD price has recently rebounded from the resistance level at 0.64450 and tried to breach the 200-day Moving Average (200MA). This suggests a considerable resistance level around 0.64450, indicating potential selling pressure.
🧐 In the near future, experts anticipate that AUD/USD could reach the 23.6% Fibonacci correction level, situated at 0.64080.  Fibonacci levels are often used to identify potential support or resistance levels.

⬇️ Trade Recommendation: If the price of AUD/USD successfully breaks below the 0.64080 support level, it could indicate a bearish trend continuation. Traders may consider selling AUD/USD in this scenario.

🎯 Take Profit Target: In the event of a successful bearish move, traders may aim to secure profits from their sell positions between 0.63840 and 0.63900. This range is where traders may consider taking their profits.

❗️ It’s essential to note that this analysis is based on the H4 timeframe, which represents 4-hour candlesticks. Shorter timeframes can be more sensitive to price fluctuations, so please be careful in your risk management plan. For more details, please leave your comment in comment section.

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