Hello traders, AUD/USD is trading at 0.7776. The price is trading in a downward resistance and support wedges . It has touched its resistance level and hence it can rebound back from here to continue trading in downward resistance and support wedges . If the price breaks 0.7749 price level, it can start a new down trend and then its first target will be at 0.7705 and second target will be at 0.7648.
Follow proper risk management strategy to avoid unnecessary losses and to increase profitability, don’t risk more than 2% of your capital on each trade.
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Thank you,
Rishikesh Lilawat
Rishikesh Lilawat has over seven years of experience in trading Forex and commodities markets, out of which three years in two investment banks as a professional Forex and commodities trader. He holds an M.B.A degree in finance and business analytics from the University of Pune. Realizing the central role of a trader and because of his personal and particular interest in trading, He built skills in market research, technical analysis, fundamental analysis, risk management, and fund management, etc and focus his efforts on communicating and sharing views on market trends and patterns.
