AUDUSD: Potential rebound before falling
AUDUSD has been trading below its 100-day and 200-day moving averages, indicating bearish pressure. However, it has recently broken out of bearish flag pattern. But its currently facing a strong support level as seen on the daily chart:
Upon analyzing the 4-hour chart, we can predict a potential rebound from the current support level to retest the previous resistance level. This level coincides with the 100 and 200 moving averages on the 4-hour chart and the 38.20% Fibonacci level. The analysis would be invalidated if the AUD rises above 0.67100.
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Upon analyzing the 4-hour chart, we can predict a potential rebound from the current support level to retest the previous resistance level. This level coincides with the 100 and 200 moving averages on the 4-hour chart and the 38.20% Fibonacci level. The analysis would be invalidated if the AUD rises above 0.67100.
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Let me know your thoughts in the comments, and show your support by liking the idea.
Please follow if you're interested in more ideas like this.
Your support is greatly appreciated!
