Greetings, traders! Welcome back to another market analysis.
AUDUSD has been trading in a trading range, the price seems to have broken the support for now, expecting lower prices for the next week. I'll wait for the previous S/L level to get on this leg up.
Nice analysis! I like how the resistance zone is based on multiple bounces off the level before the breakout occurred. I suspect the resistance zone might align with the 38.2% Fibonacci retracement, which is a sign of bearish momentum coming to the market. I'll keep an eye on it.