0.75 key price zone to monitor this week
Last week AUDUSD was rejected again from the 0.77-0.78 daily resistance zone which is also the PRZ of a bearish Gartley (pink).
The difference between this time and the previous times it was rejected from this price zone is that now AUDUSD sell off drove it below 2 MA lines and the bottom of a trading channel - Bearish sign
Now 0.75 will be tested as support.
1) The 200 days MA line and the structure can drive AUDUSD higher for a short term pullback (or bullish continuation wave).
2) AUDUSD will break below 0.75 and continue towards the next support zone and the secondary target zone of the Gartley - 0.735.
Read more about this scenario and others in this week's newsletters (link in bio)
The difference between this time and the previous times it was rejected from this price zone is that now AUDUSD sell off drove it below 2 MA lines and the bottom of a trading channel - Bearish sign
Now 0.75 will be tested as support.
1) The 200 days MA line and the structure can drive AUDUSD higher for a short term pullback (or bullish continuation wave).
2) AUDUSD will break below 0.75 and continue towards the next support zone and the secondary target zone of the Gartley - 0.735.
Read more about this scenario and others in this week's newsletters (link in bio)
Trade closed: target reached:
Secondary target zone