AUDUSD moves in a narrow range of about 80 pips for a week . During today’s morning it tested the support level at 0.7320 for the third time. Breaking this suport will open way to the 0.7215 targe where bottom from 12th August is placed and the lower band of the channel.

The downward channel is visible on the interval H4 and it is keeping the price for 1.5 months withing bands. For this pair short trade should have high probability of success, however if AUDUSD will start to move up, the resistance level 0.7420 will be a good place to look for another short positions. The downward trend lasts on AUDUSD over two years now and there is no sign of possible reversal.

AUDUSD H1
AUDUSD H1
AUDUSD H4
AUDUSD H4

FXGROW_ang

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