Technician
Short

AUDUSD retreats from key resistance, a pullback is likely

FX:AUDUSD   Australian Dollar/U.S. Dollar
607 4 5
***Closed at trend line test, 0.9595.
Profit/loss(pips)=+50

The price has reversed course from the the 50 percent retracement level and the 200-days SMA , the initial bearish action confirms this area as key resistance and hints a potential downside pullback, a followup by bearish closing today may give further confirmation to this scenario.
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AncientM
3 years ago
Ya but nobody was able to draw it before the move! There was no resistance from where it is back!
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pradafx
3 years ago
Yeah Agree with your chart. There is a high possibility
Reply
Yeah Ancient,, the 50- percent retracement level is a resistance by itself.Technicians expect some weakness at Fibonacci levels.. The idea is that bias could be to the downside now, and minor pullbacks should be considered for shorting as below this area.
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AncientM Technician
3 years ago
hello T
That was a good trade man.
Reply
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