AUDUSD in a range. But, with possible entries Sup/Res Areas
Market has been consolidated for at least 2 weeks. The downtrend is strong in AUDUSD. However, is in a small rest after strong movement in the past weeks.
Daily shows movements between 0.64868 & 0.63798, last candle formed a huge rejection on the support area. 4H shows a more detail fluctuation within specific ranges.
It made a strong bear movement in 30m, showing lower high points being formed on 15m. SMA looks bearish on higher timeframes. However, SMA is still plain on lower timeframes, with no specific direction.
A breakthrough is expected for a bigger movement. However, considering that is in a strong area of support and after a big movement like the one in the previous weeks, price is more likely to go on a short counter trend beyond the resistance at 0.64868, to the 38.2% or 61.8% of Fibonacci.
In the meantime, intraday trades could present an opportunity everytime the price rejects areas of support or resistance within the range.
Daily shows movements between 0.64868 & 0.63798, last candle formed a huge rejection on the support area. 4H shows a more detail fluctuation within specific ranges.
It made a strong bear movement in 30m, showing lower high points being formed on 15m. SMA looks bearish on higher timeframes. However, SMA is still plain on lower timeframes, with no specific direction.
A breakthrough is expected for a bigger movement. However, considering that is in a strong area of support and after a big movement like the one in the previous weeks, price is more likely to go on a short counter trend beyond the resistance at 0.64868, to the 38.2% or 61.8% of Fibonacci.
In the meantime, intraday trades could present an opportunity everytime the price rejects areas of support or resistance within the range.