AUDUSD is under strong pressure from the American dollar

AUDUSD is under strong pressure from the American dollar

The trend for the AUDUSD currency pair was downward and now the Australian dollar is again under strong pressure from the American dollar. The price tried to recover from the fall but fell back to the support level. This price behaviour shows us that the dollar has gained strength again. From the point of view of technical analysis, the price movement is more likely downward. Therefore, we recommend that traders get ready to sell after the breakout of the support level. Most likely, the movement will not be strong because the MACD indicator is showing divergence. Therefore, if the price does not reach the Take Profit level and reverses, we recommend taking profits without waiting for a further fall.

Symbol: AUDUSD
Order Type: Pending Order - Sell Stop
Entry Price at 0.7470
Take Profit at 0.7420
Pips Earning: 50

The profit can be $500.00 if the trading volume of 100000 AUD (1 Lot).