Strifor || AUDUSD-05/12/2023
Preferred direction: BUY
Comment: The main competitors of the US dollar are preparing for another strengthening, which will most likely be the last before the downward correction begins. The exactly described situation is more likely to happen for the Australian dollar. So far, the level 0.65848 is serving as a support and now most likely a false breakout is being formed. The most conservative entry point would be to close the price above this level. But a long transaction is considered starting from current prices. We have described the most likely scenario.
The second scenario is also not excluded, in which the price will still fall lower towards the level of 0.65010, but is unlikely to touch it. In both cases, we place the growth target at the level of 0.67000, where a local maximum is currently recorded.
In addition, do not forget that increased volatility is expected amid the publication of a number of important data, especially on the US labor market.
Thank you for like and share your views!
Comment: The main competitors of the US dollar are preparing for another strengthening, which will most likely be the last before the downward correction begins. The exactly described situation is more likely to happen for the Australian dollar. So far, the level 0.65848 is serving as a support and now most likely a false breakout is being formed. The most conservative entry point would be to close the price above this level. But a long transaction is considered starting from current prices. We have described the most likely scenario.
The second scenario is also not excluded, in which the price will still fall lower towards the level of 0.65010, but is unlikely to touch it. In both cases, we place the growth target at the level of 0.67000, where a local maximum is currently recorded.
In addition, do not forget that increased volatility is expected amid the publication of a number of important data, especially on the US labor market.
Thank you for like and share your views!
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