Skip to main content

AUD/USD in up channel, 0.6987 acts as key obstacle

#

analytics63e3bb4018a1e.jpg

AUD/USD Uptrend Line As Dynamic Obstacle!

The AUD/USD pair dropped a little in the short term, having reached the 0.6987 former low which stands as a static upside obstacle (resistance). Now, it is trading at 0.6951 at the time of writing. The rate could approach and reach the 0.6939 former high and the uptrend line. These levels represent downside obstacles, so as long as the instrument stays above them, the rate could resume its growth within the channel's body.

Technically, a temporary retreat within this channel could bring us new buying opportunities. The upside scenario could be invalidated only if the rate drops and stabilizes below the uptrend line.

AUD/USD Trading Conclusion!

Staying above the uptrend line and jumping beyond 0.6987 activates an upside continuation, suggesting a buying opportunity.


Trading analysis offered by Flex EA.
Source #Unknown
Labels:

Comments

Post a Comment

Popular posts from this blog

GBPUSD up and down. Back down testing 61.8% and swing area.

# GBPUSD tests 61.8% and swing area The GBPUSD is in an up and down day. The    GBPUSD  moved higher earlier. That move was helped by better than expected retail sales. However the high price today stalled near the high price from last week near 1.3643, and rotated back lower on the USD buying. The subsequent move lower now has the price back toward the 61.8% retracement along with a swing area between 1.35969 and 1.36034. As I type, the price has dipped below that swing area. What next? If the price can stay below the 1.36034 area, that would be the best case scenario for the sellers with the next major targets coming in at the 100 hour moving average 1.3569 (blue line), and the 200 hour moving average at 1.35609 (green line). The 50% midpoint of the 2022 trading range is just below those levels at 1.35526 and would be a another target on further weakness. A move back above 1.36034 with momentum would have traders looking again toward 1.3618 to 1.36271 and then t...
Post a Comment
Read more