AUDUSD has been trading in a higher top higher bottom formation since the month of November, further the pair is also trading above the 20-day SMA indicating the trend to be positive. On 21st December the pair made a long legged doji and found support at the 20-day SMA suggesting support at lower levels. It would be prudent to say that the currency pair could rise towards 0.7585 and 0.7615 while it sustains above 0.7500.
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Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.