AUD/USD analysis for July 02, 2018

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Recently, AUD/USD has been trading downwards. The price tested the level of 0.7366. According to the 30M time frame, I found a potential end of the bearish corrective phase (ABC flat), which is a sign that selling looks risky. My advice is to watch for a breakout of supply trendline to confirm further upward movement. The upward target is set at the price of 0.7415.

Resistance levels:

R1: 0.7410

R2: 0.7420

R3: 0.7425

Support levels:

S1: 0.7393

S2: 0.7387

S3: 0.7377

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company - www.instaforex.com