AUD/USD Exiting From the OverSold Zone
October 5, 2017
2 min read
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The AUD/USD Trade Balance came better than expected and at this point, the pair is exiting the oversold territory. Trade Balance is important for the economy as it represents the difference in value between imported and exported goods and services during the reported month. Let’s take a look at a possible trade scenario.
The POC zone 0.7815-0.7830 (Trendline, D L5, ATR pivot, 61.8, X cross) could spike the price towards 0.7850 and 0.7887 providing that 0.7780 holds. The bounce could also target 0.7907 if we see an H1 candle close above 0.7887. However, a drop below 0.7780 could turn the pair in the bearish territory targeting 0.7735-20 zone.
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