vj20_fx

Reactions of trends and resistance levels

FX:AUDUSD   Australian Dollar / U.S. Dollar
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AUDUSD has now reached the key level 0.80600 again, the highest point for this pair since May 2016. Made clearer on the daily chart , price did not idle at this point. Price reached the weekly key level and formed a pinbar showing how strong this level is. The confluence is solid for bearish momentum. Price is now in a consolidation phase reacting strongly to 0.79700 support level . I don’t believe price will stay surrounding this level for long so I see a downside break coming soon. For confirmation, I am waiting for a clear break of the support with a possible retracement before heading down to level 0.78300.

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