FX:AUDUSD forms a retest of the descending channel resistance, but there is no fall. Against the background of the dollar correction, the currency pair may move into the realization phase after the channel breakout.
Moving averages, trend resistance and pre-breakout consolidation, with strong support zones, to which a large buyer does not let the price go. An interesting setup in the current conditions may form an attempt to change the trend. The key area is 0.6585. Consolidation of the price above this boundary may allow to overcome the obstacle and finally let the price strengthen to 0.66676, or to 0.67287.
Resistance levels: 0.6585, 0.6620 Support levels: 0.6551, 0.6504
Technically, there is a strong accumulation and prerequisites for a breakout. The resistance breakout will confirm the activation of the realization phase, which will give us a good bullish momentum.
Regards R. Linda!
Comment
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Break of resistance, momentum starts to form
Trade active
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Pre-breakdown consolidation. Against the backdrop of the dollar correction, the Aussie rises and breaks the structure, changing the potential to bullish.
waiting for continuation of growth
Trade active
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The near-term target of 0.6620 may be reached soon
Comment
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An excellent accumulation is forming on H1 with the goal of continuing growth
Amazing, I admire your professional job with all your analysis
JoeChampion
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i think it will more likely be a fakeout as the fundamentals are quiet strong for the USD now. plus the stock market shows bearish bias which put further pressure on AUDUSD!