AUDUSD - Value has been falling for a while since its last highs at around 0.81 in Jan 2018. Prices closed the last session at 0.75801 outside the long-range upward price channel. Prices have been trading below the price channel for the last 5 trading session and still no signs of a reversal to the upside.
There are four critical price points that I would like to point out for future references
1.The first critical point is the resistance at 0.75918. There were a few failed attempts in the past to break through this resistance point so a break above this point could provide some leed to the next challenge.
2. Prices need to break and hold above its 500 EMA marked in blue colour and also the price channel to proceed to the next challenge.
3. Prices need to break out of the short-term downward price channel and also 0.77028 resistance to confirm the change of direction to the upside.
4. Failure to break above 0.75918 could see prices fall to around 0.74760 - 0.73913
There are four critical price points that I would like to point out for future references
1.The first critical point is the resistance at 0.75918. There were a few failed attempts in the past to break through this resistance point so a break above this point could provide some leed to the next challenge.
2. Prices need to break and hold above its 500 EMA marked in blue colour and also the price channel to proceed to the next challenge.
3. Prices need to break out of the short-term downward price channel and also 0.77028 resistance to confirm the change of direction to the upside.
4. Failure to break above 0.75918 could see prices fall to around 0.74760 - 0.73913
