On 11 July 2019 the AUD/USD currency pair, on the D1 time-frame, was analyzed and the conclusion was that a possible new uptrend might be in the making. This was based on the occurrence of a positive divergence between point a and b compared to the price at 0.68647 and 0.68317 as well as the price breaking through 15 and 34 Simple Moving Average and then confirmed by the crossing of the 15 and 34 Simple Moving Averages, called a Golden Cross.
During the ensuing days the bulls did gain momentum and the entry level was touched with a possible long position engaged. The market then paused and a Doji Candlestick indicated that there was some indecision present. Currently the market is moving in an upward direction again.
The original analysis with the entry level, account protection level and take profit targets are still intact as stated below.
When AUD/USD breaks through the critical resistance level at 0.70481, three possible price targets may be projected from there. Attaching the Fibonacci tool to the top of the possible reversal at 0.70481 and dragging it to the support level at 0.69119, the following targets may be calculated. The first target can be anticipated at 0.71323 (161 %). The second price target can be predicted at 0.72685 (261.8%) and the third and final target may be expected at 0.74889 (423.6%).
If the support level at 0.69119 is broken, the account protection level must be respected and any position liquidated to prevent serious capital loss.
As long as buyers maintain a positive sentiment and demand overcomes supply, the outlook for the AUD/USD currency pair on the D1 time-frame will remain bullish.
During the ensuing days the bulls did gain momentum and the entry level was touched with a possible long position engaged. The market then paused and a Doji Candlestick indicated that there was some indecision present. Currently the market is moving in an upward direction again.
The original analysis with the entry level, account protection level and take profit targets are still intact as stated below.
When AUD/USD breaks through the critical resistance level at 0.70481, three possible price targets may be projected from there. Attaching the Fibonacci tool to the top of the possible reversal at 0.70481 and dragging it to the support level at 0.69119, the following targets may be calculated. The first target can be anticipated at 0.71323 (161 %). The second price target can be predicted at 0.72685 (261.8%) and the third and final target may be expected at 0.74889 (423.6%).
If the support level at 0.69119 is broken, the account protection level must be respected and any position liquidated to prevent serious capital loss.
As long as buyers maintain a positive sentiment and demand overcomes supply, the outlook for the AUD/USD currency pair on the D1 time-frame will remain bullish.