AUDUSD: Hourly chart selling pressure
On the long-term, the AUDUSD pair is moving sideways, meaning there is no trend to follow. However, on the short-term (hourly and 4-hour frames), traders can benefit from these sideways movements by identifying local trends and support and resistance levels.
Looking at the hourly frame, we can see that the price is trading below the 100 and 200 daily moving averages as well as the 100 and 200 moving averages for the hourly frame. This may confirm that trading is under selling pressure.
Last week, we expected the price to break the local uptrend, which would increase selling pressure on the price. Currently, the price is approaching a support line at 0.6693, and we are waiting for the price to correct to the broken trend edge and the moving averages (without surpassing them). This would signal a sell opportunity until at least 0.6659. However, it's worth noting that the situation remains unstable due to the sideways movement, and the price could reverse at any moment.
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Looking at the hourly frame, we can see that the price is trading below the 100 and 200 daily moving averages as well as the 100 and 200 moving averages for the hourly frame. This may confirm that trading is under selling pressure.
Last week, we expected the price to break the local uptrend, which would increase selling pressure on the price. Currently, the price is approaching a support line at 0.6693, and we are waiting for the price to correct to the broken trend edge and the moving averages (without surpassing them). This would signal a sell opportunity until at least 0.6659. However, it's worth noting that the situation remains unstable due to the sideways movement, and the price could reverse at any moment.
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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!
Trade closed: target reached:
Price Moved from the exact entry to the exact Target
