From Investor to Scalper – series of studies created in cooperation with broker BDSwiss, in which we take a financial instrument and the analysis includes a detailed look at the value from the monthly chart and ending with H1/M15.
AUDUSD since August 2011 is moving down. As a result of these declines, in September 2015, market reached level around 0.6950 and sincethan has been moving in consolidation. We should also pay attention to fact that market defeated and after re-testing rejected bullish trend line.
Looking on the weekly chart we see that market since May 2015 moves in a consolidation where the upper limit coincides with measuring of 70.7% Fibonacci correction of the last bearish impulse. Currently for several weeks oscillates around this resistance and we notice a strong weakness in demand, which would indicate that is approaching bearish scenario and at least a downward correction.
On daily chart we see that potential drop could reach even level of 0.7160, however first reaction of demand we expect to see much earlier even around the level of 0.7500 and measuring 38.2% or beyond 0.7320 and measuring 70.7% Fibonacci correction of the last upward movement.
The analysis was performed on the platform Broker BDSwiss that offers levers to 1:500 and low spreads.
Looking at the H4 chart we can notice that market for several weeks moved quieter and quieter north. Finally, this week we beat the upward trend line and in near future we expect a retest of level 0.7610.
On 30-minute chart, we see that the market currently is re-testing an important resistance level and if only this was rejected, we expect continuation of declines.
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