At the start of today's European session, the AUD / USD pair is trading near 0.7340, at yesterday's high, maintaining positive momentum (see also "Fundamental Analysis and Recommendations")
In the event of a breakdown of the resistance level 0.7380, the prospect of further growth towards the key long-term resistance levels 0.7475, 0.7490, 0.7510 (Fibonacci level 50% correction to the wave of the pair's decline from 0.9500 in July 2014 to 2020 lows near 0.5510) opens. However, only a convincing rise into the zone above these resistance levels will indicate the resumption of the long-term upward trend in AUD / USD.
In an alternative scenario, the first signal for a reversal and resumption of the downtrend will be a breakdown of the short-term support level of 0.7335. A breakdown of the support level at 0.7279 will confirm this scenario, and AUD / USD will go deep into the descending channel on the daily chart, towards its lower border and support level 0.7037 (Fibonacci level 38.2%).
Trading Recommendations
Sell-Stop 0.7330. Stop-Loss 0.7355. Take-Profit 0.7300, 0.7279, 0.7115, 0.7037
Buy Stop 0.7355. Stop-Loss 0.7330. Take-Profit 0.7380, 0.7475, 0.7490, 0.7510
*) AUD/USD: Current Fundamental Analysis and Market Expectations
**) the most up-to-date "hot" analytics and trading recommendations (including entries into trades "by-the-market") - https://t.me/fxrealtrading
