Last week, $AUDUSD rallied 150 pips from the entry zone and reached first target level of the setup - 0.715.
This is a that includes the following:
- Downtrend line
- Broken uptrend line
- The 4H 200 line
- Minor structure zone
This week, this zone will be tested:
Bearish scenario - Downtrend continues and $AUDUSD declines back towards 0.7
Bullish scenario - Price climbs above 0.715, return back to the uptrend line and breakout of the downtrend line - Creating signal that it intends to rally higher and possibly complete the pattern.
Nearest support - 0.71, 0.7
Nearest resistance - 0.715, 0.72, 0.725 and 0.74
Tomer, The MarketZone
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