themarketzone

0.75 key price zone to monitor this week

FX:AUDUSD   Australian Dollar/U.S. Dollar
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)
Trade closed: target reached: Secondary target zone
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