AUDUSD (Day) BEWARE of this RESISTANCE LEVEL
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TECHNICAL ANALYSIS:
-Since the beginning of May, the market started a clear uptrend, keeping the price over the ema 50 until the 22nd of September.
-Before to get a correction, the price bounced on a daily resistance level at about 0.73791, failing the attempt to break it, clear sign of weakness.
-The support level at about 0.70210 reacted as a strong support, rejecting the price three times;
Between the end of October and the beginning of November, the price started getting high momentum and volatility, enough to move up the market.
CONCLUSION:
The market is definitely moving in an ascending channel, trying to reach an important resistance level at about 0.77705. Even if the price is in the middle of the channel, there is still a nice chance to open a long position until the weekly resistance.
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Trade Safe,
Gianni
TECHNICAL ANALYSIS:
-Since the beginning of May, the market started a clear uptrend, keeping the price over the ema 50 until the 22nd of September.
-Before to get a correction, the price bounced on a daily resistance level at about 0.73791, failing the attempt to break it, clear sign of weakness.
-The support level at about 0.70210 reacted as a strong support, rejecting the price three times;
Between the end of October and the beginning of November, the price started getting high momentum and volatility, enough to move up the market.
CONCLUSION:
The market is definitely moving in an ascending channel, trying to reach an important resistance level at about 0.77705. Even if the price is in the middle of the channel, there is still a nice chance to open a long position until the weekly resistance.
If you enjoy my FREE Technical Analysis, let me know that with a big LIKE, I'll be so glad!
Have you got some similar or interesting idea? Feel free to leave a comment below sharing your idea!
Are you interested getting more FREE Technical Analysis like this? SUBSCRIBE my channel and you won't miss anything!
Trade Safe,
Gianni
