AudUsd Upchannel , rejection at mean + 50% retracement
Context:
A minor upchannel formed in this pair , the recent reaction brought us from the highs
to the mean of the channel aswell as the 50% mark of the recent rally price respcted those
levels , in conjunction with the strong buying pressure indicated by the strong rallies,
means that price is likley to test the upperlimits of the channel again.
Signs of strength:
upchannel
strong rallies (buying pressure)
50% retracement respected
Signs Of weakness:
none
Support:
77450
76600
Resistance:
78000
78400
78800
www.invezted.com
A minor upchannel formed in this pair , the recent reaction brought us from the highs
to the mean of the channel aswell as the 50% mark of the recent rally price respcted those
levels , in conjunction with the strong buying pressure indicated by the strong rallies,
means that price is likley to test the upperlimits of the channel again.
Signs of strength:
upchannel
strong rallies (buying pressure)
50% retracement respected
Signs Of weakness:
none
Support:
77450
76600
Resistance:
78000
78400
78800
www.invezted.com