Lingrid

AUDUSD FALLING from strong RESISTANCE

Short
FOREXCOM:AUDUSD   Australian Dollar / U.S. Dollar
The price has come to a strong resistance line that has existed on the chart since 2008 (!). The pair rallied towards this resistance line during a prolonged uptrend. This trend dates back to the summer of 2020, when the first touch of a strong support line occurred. The line became a guideline for the trend.

Support and resistance lines are crossing and the price has been moving between them for the last few weeks. For the first time this year, the price touched the 0.777 resistance line at the beginning of last week. Then she tried to make a breakout, but only slightly went beyond the line and fell.

Then the price fixed on the line and finally fell to the support line of 0.766 from where the new growth began. Now the price is at the point 0.776. It is already clear that having approached the resistance line, it began to fall.

I expect that for a long time the price will continue to fall and come to the support line 0.768.

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻
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Comments

The resistance line will help profitably fall!
+1 Reply
Lingrid Solldy
@Solldy, 😉
Reply
it high potenial friend
Reply
Lingrid TradingAlchemist
Reply
Good idea, keep it up.
Reply
Lingrid DeGRAM
@DeGRAM, thanks
Reply
Absolutely agree, short until the main trendline, I'm with you! :D
Reply
Lingrid FXtrades-gp
@FXtrades-gp, thank you so much
Reply
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