Price made a big manipulation spike through resistance when Powell from the Fed was speaking today, this would have taken a few stop losses out that were set just the other side of this key resistance! This is a sneaky tactic the big players use.
I can only see downside movement from this level and can see the bears pushing price to 0.71900 area which is where i...
0.71900 is a strong support and resistance level as you can see from where i have marked with arrows on the chart, historically price touches this level and bounces, if you do a bit of back testing you can see for yourself. Also bulls have tried to push price through this level for the last 5 weeks failing to do so, this week i see bears taking control and pushing...
Short positions below 0.7170 with targets at 0.7145 & 0.7115 in extension.
The crossover of hurdle (0.7190) lines means a short uptrend. Hence, don't initiate a position before confirmation crossover.
Hurdle Breakout(0.7190): 0.7214 - 0.7240 .
According to this chart, Australian Dollar / U.S. Dollar will keep moving upside . S-RSI crossover is confirming that. We may see the following levels soon: 0.7178 - 0.7199 - 0.7220
Keep your eyes peeled at the key level.
Breakdown of key level: 0.7120 - 0.7100 below
I don't recommend selling the AUD/USD until the breakout of my key level.
0.72000 was a key area of interest for me as resistance, yes price went 40 pips over this level but then dropped 50 pips under it as the bears push price lower my target is 0.68000 which is 350 pips away and is my next level of support.
Now this wont hit overnight so if you are looking for quick small wins then look at someone else's page, This is a swing trade...
We can see previously when price broke this level it dropped significantly to the highlighted level of support, I expect the same thing to occur
I see multiple points of divergence and price had dropped previously only to retest the area
I see a flag formation formed as well so once thats broken... BOOM big sell
Getting in this later with the following...
Previous when price broke this level it plummeted, im expecting price to do the same again now
I am waiting for support to be broken before entry but below is the signal i will use
AUDUSD - SELL
SL - 0.71552
TP - 0.64478
Currently, AUDUSD is ranging, and in a short term downtrend. If that downtrend is broken then for a risky trade take a long targeting the top of the range.
Otherwise, I would wait for a breakout. Retail sentiment has been short for a while now, so if there is a break down out of the range I expect a long term short move.