The Australian dollar rose by 64 pips yesterday. Like other currencies (euro, pound), the aussie fell just short of its nearest target level (0.6730).
However, if the pair does not breach the 0.6719 level, defined by the peaks on March 13 and May 2, the corrective rally that started on May 31 may come to an end.
A double divergence has formed on the four-hour chart. A reversal is clearly imminent. And there is an important factor: investors are nervous about the upcoming Federal Reserve meeting next week, so a major reversal, which is not false, may not occur until the 14th. The nearest support level is at 0.6670, followed by 0.6622 (the April 10 low, reinforced by the MACD line on the daily chart).
The material has been provided by InstaForex Company – www.instaforex.com
AUD/USD
The Australian dollar rose by 64 pips yesterday. Like other currencies (euro, pound), the aussie fell just short of its nearest target level (0.6730).
However, if the pair does not breach the 0.6719 level, defined by the peaks on March 13 and May 2, the corrective rally that started on May 31 may come to an end.
A double divergence has formed on the four-hour chart. A reversal is clearly imminent. And there is an important factor: investors are nervous about the upcoming Federal Reserve meeting next week, so a major reversal, which is not false, may not occur until the 14th. The nearest support level is at 0.6670, followed by 0.6622 (the April 10 low, reinforced by the MACD line on the daily chart).
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: