Strong correction downside ON weekly Base Towards Support 0.6840
AUD/USD has failed to make another higher high and to take out a major dynamic resistance 0.7210 signalling a potential reversal in the short term. Last Friday was broken 0.7180 and new week open gap confirmed AUDUSD under pressure.
The price is struggling in the upper border of the target range of 0.7190-0.7225 Last week, If Price break out 0.7240 which will lead to an increase to 0.7296 (January 2019 high) But currently price under pressure to Coronavirus case spike in Victoria and declares state of disaster. If price break 0.7110 expecting downside correction towards 200ma 0.6840.
870
Today the USDX's rebound has pushed the greenback higher versus its rivals, but it is premature to talk about another leg higher on USD as the US Dollar Index is under massive pressure.
🛑SUPPORT/RESISTANCE
✅S1= 0.7020
✅S2=0.6840
✴️R1=0.7210
✴️R2=0.7290
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The price is struggling in the upper border of the target range of 0.7190-0.7225 Last week, If Price break out 0.7240 which will lead to an increase to 0.7296 (January 2019 high) But currently price under pressure to Coronavirus case spike in Victoria and declares state of disaster. If price break 0.7110 expecting downside correction towards 200ma 0.6840.
870
Today the USDX's rebound has pushed the greenback higher versus its rivals, but it is premature to talk about another leg higher on USD as the US Dollar Index is under massive pressure.
🛑SUPPORT/RESISTANCE
✅S1= 0.7020
✅S2=0.6840
✴️R1=0.7210
✴️R2=0.7290
Please like, share, comments and follow me to get daily base analysis.
Thank you for your support, I appreciate it.