AUD/USD
AUD/USD is currently trading in a downtrend at 0.7085. After finding support at 0.68274, price action has rallied creating new structure swing highs. Price has broken a key support level 0.7103 which developed from a bearish flag pattern. The current rally suggests price is looking to retest support as resistance as we look to continue in further bearish moment on the reversal.
The 200 day moving average is indication that price is approaching resistance levels and could experience a reversal. As highlighted this area of resistance is also at a 0.618 Fibonacci level. This is another indication that could suggest a reversal, on confirmation of a new structure high and a bearish candle pattern. The RSI indicator is approaching over sold areas and appears to be reversing to the downside. A break of the 0.5 Fibonacci level looks to be a good area of entry at 0.70721.
Although we are experiencing indications of a long-term reversal, there is still room for further bullish momentum. Price could be looking to re-test 0.7186, which is be a key resistance level suggested by the bottom side of the broken flag pattern.
Good luck Trading.
AUD/USD is currently trading in a downtrend at 0.7085. After finding support at 0.68274, price action has rallied creating new structure swing highs. Price has broken a key support level 0.7103 which developed from a bearish flag pattern. The current rally suggests price is looking to retest support as resistance as we look to continue in further bearish moment on the reversal.
The 200 day moving average is indication that price is approaching resistance levels and could experience a reversal. As highlighted this area of resistance is also at a 0.618 Fibonacci level. This is another indication that could suggest a reversal, on confirmation of a new structure high and a bearish candle pattern. The RSI indicator is approaching over sold areas and appears to be reversing to the downside. A break of the 0.5 Fibonacci level looks to be a good area of entry at 0.70721.
Although we are experiencing indications of a long-term reversal, there is still room for further bullish momentum. Price could be looking to re-test 0.7186, which is be a key resistance level suggested by the bottom side of the broken flag pattern.
Good luck Trading.
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