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Levels to trade AUD/USD

Levels to trade AUD/USD

Information is not investment advice

After hitting a multiyear low just above 0.5500 on March 19, AUD/USD has formed a higher low in the 0.5720 area. The Awesome Oscillator on the H4 rose to the zero level. This allows expecting that the pair may try to make a bigger recovery. Bullish positions will become possible once the pair rises above the 50-period MA at 0.6000. Upside targets lie at 0.6095 (50% Fibonacci of March decline) and 0.6235 (61.8% Fibo).

On the other hand, it’s necessary to remember that the pair is still within the downtrend, so the decline may resume. The fall below 0.5880 will open the way down to 0.5830.

Trade idea for AUD/USD

BUY 0.6010; TP 0.6090; SL 0.5990

SELL 0.5875; TP 0.5830; SL 0.5895

AUDUSDH4.png

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EUR/USD: a temporary bottom

On the H4, we can see that EUR/USD has found a temporary bottom in the 1.0770 area. The pair is now trading above the former short-term resistance line going down from March highs (1.0835).

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