AUD/USD, temporary bottom for the Aussie!?
Could we see a reversal toward 0.7700 here? Well, based on my analysis this is possible move, if this will be a temporary bottom at 0.7120/50 for now!? The Aussie reached daily MA200 at 0.7250 today and this is important level because it’s the last day in May. If the pair stayed bellow today, in the beginning of June we could see another try on support 0.7120/50 and then boost up. Closing the day above the daily MA200 could provide a support in the coming days. Furder on, we will have a daily MA100 > 0.7400 > 0.7500 as a n important level and possible strong resistance. On that level the pair could retreet and search the buyers lower for another possible attack up. Well, this is just an indication on what could happen in my point of view. This is not a short term view, so don’t jump into the position when you see this chart and prediction. You should consider the risk and try to pull something from this if you trade Aussie. Happy trading! 😉