AUDUSD preparing to target 0.72 territories

  • by Ihab Maximous
  • October 9, 2018, 9:2 AM
 269       61      

The AUDUSD pair has moved in a bearish mode since the beginning of 2018 where it declined from 0.8150 to 0.70000, losing 14% of its value against the Greenback.

From a purely technical perspective, we do believe that a strong correction is presently under-preparation since the bearish actions seen during the period has traced a bullish harmonic pattern as seen on the provided chart below.

Additionally, RSI is flirting with the value of 30.00, which indicates a case of oversold.

Technical objectives reside in the 0.72 areas, which means 130 pips up from present levels. 

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