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Farooq

Technical Analysis – AUDUSD _ 13-02-2019

HomeTechnical AnalysisTechnical Analysis – AUDUSD _ 13-02-2019
13
Feb
Technical Analysis – AUDUSD _ 13-02-2019

The pair has seen a rise during yesterday and today to move within the resistance zone 0.7120 – 0.7145 with Stochastic entering the overbought areas as seen on the 4 hour chart.

The downside scenario remains valid as long as the pair remains below 0.7170, and the pair could resume its first target at 0.7075, then 0.7020, then 61.8% Fibonacci of the last wave around 0.6960 as the third target.

A break above 0.7170 might weaken the probability of a downside and it would be preferable to remain neutral after that until the direction is determined.


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