22.04.2016 - Downward correction of AUD/USD may continue in the near future

The price of the Australian dollar, after some consolidation near the important level of 0.7800 started correction and approached the nearest support level at 0.7700. In case of overcoming this level, the fall is likely to continue and the closest targets will be 0.7575 and the lower limit of the downward channel. In case of opening short positions the stop should be set above the local high around 0.7830. On the other hand, fixing above the level of 0.7800, will become a signal for continued growth until 0.8000.

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