EmpowerTrader

AUDUSD Price is Testing First Resistance Level

Short
FX:AUDUSD   Australian Dollar / U.S. Dollar
Price bounced from major support level in early October. In which over the weeks, price saw gains as high 1.60%. Now price is facing the first resistance level of the bearish channel , which spans back to the end of August. Look for a potential bearish reversal. Look closely to the Chinese markets and economic data for potential bearish catalyst.

Trade Step-ups:

Scenario One ( Bearish Reversal): Price rejects a bullish breakout from the current support level .

Scenario Two ( Bullish Breakout): Price breaks current support level , look for consolidation above 0.7170 against the dollar.



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