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4/28/2016 3:39:31 AM

AUDUSD falls on profit-taking - Technical Analysis - 28-04-2016

AUDUSD skidded on profit taking in the short term trading, as traders take profits of the past rises in the short and mediums terms, with the dominance of the upward correctional trend, while the pair trades within an ascending price channel as shown in the attached chart, with ongoing positive support from the SMA for the last 50 days period, combined with the start of a forming positive divergence in the Stochastic indicator as shown below the attached chart.

Therefore we expect the pair to return higher in the coming trading, provided it first settles above the resistance of 0.7552, representing the ratio 61.8% of Fibonacci retracement levels for a descending wave in the long term (from 0.8163 to 0.6826), targeting the next resistance at 0.7877, which represents the ratio 78.6%.



Trend Bullish