Forecast for AUD/USD on January 29, 2019

Posted On 29 Jan 2019

AUD/USD

On Monday, the Australian dollar met strong resistance in the form of Krusenstern lines on the H4 and daily. Australia had a holiday the previous day, but probably, even with their presence, the situation would be similar, as today the Australian indices are in the negative zone. The price on both charts is higher than the balance indicator lines (red), but lower than the Krusenstern lines (blue indicator). Marlin oscillator, also on both graphs, is in a growing trend, reversal signals are absent.

A set of technical indicators speaks in favor of further price growth. The first goal is the upper limit of the price channel of 0.7260. Overcoming resistance will make it possible to increase even higher – to the highs of November 8 and September 21 – 0.7304.

Downward movement is possible after overcoming the Friday low on January 25th (0.7077), but after 50 points a new support will wait for the price – at least October 26 – 0.7022.

xOSM2Gm9mdhi8KozZwKJSzNwHPR40p9ypLkx1fRK

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Forecast for AUD/USD on January 29, 2019

About the Author

InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support