Last week AUDUSD rebounded after the test of resistance at 0.7500. However, the bears aren’t very strong and the very first support at 0.7370 has stopped declines. It has to be noted, that 0.7500 level is the 50% retracement level of the previous downward movement. The second noteworthy thing is longterm trend on AUDUSD.
In a longterm AUDUSD has been moving in downtrend inside downward channel. So, each upward movement should be seen as correction in bearish trend.
YOU CAN START TRADING ON FOREX MARKET USING FREE XM BROKER ACCOUNT.
Time-frame H4:
Time-frame D1:
