FX.co ★ IraniTrader | AUD/USD

AUDUSD Price Behavior: The examination of the AUD/USD currency pair's price behavior is still being discussed. From the bottom at 0.71700, the AUD/USD pair's technical developments on the weekly chart have developed carefully and steadily. For mid-term investors, this has led to a price increase of more than 60 points, ignoring the spread value. The price action approach, which made use of several absorptions that were graphically displayed on the screen, was probably responsible for the robust moving average's breakthrough. A breakout and consolidation above the hundredth mark on the Fibonacci grid, which suggests possible actions, should also be closely monitored. A move to 161.8 is anticipated if this scenario materializes, offering a significant gain of at least 485 points from the current level and an alluring opportunity for long-term participation. The AUD/USD saw a slight bullish decline on Friday, followed by a reversal that started a cautious negative trend. As a result, a bearish candlestick with a sizable bearish shadow was formed, testing the local support level at 0.71700. It's crucial to avoid drawing quick judgments because sellers may trade the aforementioned support level in the coming week, opening the door to two possible outcomes. In the first scenario, a turning candle and fresh gains are anticipated, followed by a move into the resistance levels at 0.72856 and 0.74209. On the other hand, a bearish trajectory could result from a consolidation below the support level, pushing the price in the direction of the 0.70675 support level. In both cases, keeping an eye out for bullish indications close to support levels is essential and consistent with the general trend. A search for bullish signals close to nearby support levels is prompted by the general expectation that the positive trend will continue, even though the upcoming week may not be very exciting.