Overview:
- Trend: sideways.
- Pivot point: 0.6530.
- Time frame: H1.
The trend of AUD/USD pair movement was controversial as it took place in a narrow sideways channel, the market showed signs of instability.
Amid the previous events, the price is still moving between the levels of 0.6530 and 0.6662.
Also, the daily resistance and support are seen at the levels of 0.6530 and 0.6463 respectively.
Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel has completed. Yesterday, the market moved from its bottom at 0.6313 and continued to rise towards the top of 0.6530.
Today, in the one-hour chart, the current rise will remain within a framework of correction. However, if the pair succeed to pass through the level of 0.6603, the market will indicate a bullish opportunity above the strong resistance level of 0.6530 (the level of 0.6530 coincides with the daily pivot).
Since there is nothing new in this market, it is not bearish yet. buy deals are recommended above the level of 0.6530 with the first target at 0.6662. If the trend breaks the double top level of 0.6662, the pair is likely to move upwards continuing the development of a bullish trend to the level 0.6718 in order to test the daily resistance 2 (horizontal red line).
The material has been provided by InstaForex Company – www.instaforex.com
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