AUDUSD to find support at previous resistance?
AUDUSD - 24h expiry
There is no sign that this bullish momentum is faltering but the pair has stalled close to a previous swing high of 0.6806.
We are trading at overbought extremes. A lower correction is expected.
Short term bias is bullish.
We therefore, prefer to fade into the dip with a tight stop in anticipation of a move back higher.
We look to Buy at 0.6720 (stop at 0.6690)
Our profit targets will be 0.6795 and 0.6815
Resistance: 0.6925 / 0.7160 / 0.7400
Support: 0.6665 / 0.6550 / 0.6380
There is no sign that this bullish momentum is faltering but the pair has stalled close to a previous swing high of 0.6806.
We are trading at overbought extremes. A lower correction is expected.
Short term bias is bullish.
We therefore, prefer to fade into the dip with a tight stop in anticipation of a move back higher.
We look to Buy at 0.6720 (stop at 0.6690)
Our profit targets will be 0.6795 and 0.6815
Resistance: 0.6925 / 0.7160 / 0.7400
Support: 0.6665 / 0.6550 / 0.6380
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