AUD/USD Daily Analysis – Friday, March 30

By Staff of ForexCycle
Friday, March 30, 2018 9:57 AM EDT

AUD/USD remains in the downtrend from 0.7916, the rise from 0.7642 is likely consolidation for the downtrend. Further decline could be expected after the consolidation and a breakdown below 0.7642 support could take price to 0.7600 zone. Resistance is now at 0.7700, only a break of this level could bring price back to 0.7760 zone.

(Click on image to enlarge)

AUDUSD 4-hour chart

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Michael Molman • 7 years ago • Contributor's comment

I recently noticed a very strong upward support for AUD/USD going back to beginning of 2016, a support it is nearing again. I am considering opening a long position but I am new to Forex and enjoyed the advice in this piece.