AUD/USD: potential for growth exists

March 26, 2015

Current trend
AUD/USD has continued to trade within a wide upward channel this week. Today, quotes have reached its lower border and then started to rally again.  The price is currently located near the middle line of Bollinger bands coinciding with a level of 0.7855. The bands themselves are narrowing as it happens ahead of a serious price jump.  Market participants are not likely to risk before tomorrow's publication of final statistics for US GDP over the last year. The US economy is expected to register a slight growth of 2.4%, which may put pressure on the dollar.

Support and resistance
Technical indicators are pointing to an upcoming price growth. Bollinger Bands are directed upwards. The MACD histogram is in the positive zone and its volumes are stable. Stochastic lines reversed upwards.

Support levels: 0.7855, 0.7800 0.7710.
Resistance levels: 0.7915, 0.7950.

Trading tips
Long positions with a target at 0.7915 and 0.7950 opened at current price seem relevant to the situation. Short positions can be opened in case the price drops below 0.7855. Their target would be a level of 0.7800.

Dmitriy Zolotov
Analyst at LiteForex Investments Limited

Publication source
LiteForex information  LiteForex reviews

January 20, 2017
Advance in inflation across the Eurozone
Euro holds gains against the US Dollar ahead of the ECB rate decision, as majority of economists expect no major updates in the policy, while investors will be taking stock of Draghi rhetoric’s to foresee the timeframe of the next big move by the policymakers...
January 20, 2017
US oil inventory draw gave a temporally support for oil prices
Oil prices remained in red figures after Wednesday's bearish acceleration. Brent a little changed on the day and remained prone to more weakness on Thursday. The benchmark stayed neutral around 54.50 dollars per barrel flirting with the level during the European session...
January 20, 2017
Pound gives up gains
The British pound has pulled back sharply today after making its biggest 1day gain in nearly 20 years’ yesterday, as fears once again crept in about where Brexit will lead to...

EXNESS Rating
Trade360 Rating
XTB Rating
Orbex Rating
FIBO Group Rating
Grand Capital Rating

TropicalTrade Rating
24option Rating
Dragon Options Rating
OptionFair Rating
Binary Brokerz Rating
OptionBit Rating