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Technical analysis of the currency pair AUD/USD on 13/12/2016. The daily chart
Currency pair AUD/USD continued to move sideways last week by forming the maximum on Friday – 0.7495. However, last trading week closed with a black candlestick with a big body and it is contrary to growth opportunities.
The first trading day of the current week was held under the auspices of the bulls and now we can see a return to growth and the approximation of prices to the local maximum at 0.7686.
The graph of Stochastic indicator tells us about the presence of the upward trend but the price has already approached close to overbought level so opening of transactions now will be quite a risky occupation.
Next few days
This currency pair is already moving sideways for a long time. Current price channel is 0.7700-0.7300 and at the moment there is every reason to expect the test the upper boundary of the channel at 0.7700. However, given the resistance level at 0.7550 there is the probability forming of the peak and further decreases to the bottom of the channel 0.7330.
After overcoming of local maximum at 0.7505 we can consider to open a long deals with target points by 0.7640.