AUDUSD likely to rebound
AUDUSD currently stands at the 0.7570 support zone from where it is rebounding; this would be the second time (previously in Feb) that the pair is bouncing from this support zone, thus forming a potential double bottom. It formed a “Hammer” candlestick formation on 1st April suggesting buying interest at lower levels and further upside potential. It would be prudent to say that AUDUSD could advance towards 0.7665 and 0.7720 while it sustains above 0.7545.
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Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
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