FX.co ★ AUD/USD analysis for July 06, 2018

Recently, AUD/USD has been trading downwards. As I expected, the price tested the level of 0.7417. According to the H1 time - frame, I found a potential end of the expanded flat downward correction, which is a sign that selling looks risky. I also found a breakout of the suppy trendline in the background, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 0.7470 and at the price of 0.7540.

Resistance levels: R1: 0.7410R2: 0.7432R3: 0.7456

Support levels: S1: 0.7362S2: 0.7338S3: 0.7315

Trading recommendations for today: watch for potential buying opportunities