FXtrades-gp

AUDUSD: The price is STILL moving inside its CHANNEL

Short
FX:AUDUSD   Australian Dollar / U.S. Dollar
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🟢Forex Pair:
AUD/USD

Technical Analysis:
Since the beginning of January 2021, the price has been following an interesting descending channel , bouncing many times on its dynamic resistance zone , creating on every bounce a lower high.
On the 28th of January, the price broke through its daily S/R zone at about 0.76500, reaching its next support zone at about 0.75800.
After few re-tests of that zone (matching with the weekly main trendline), the price moved up and it is currently on its previous S/R zone.
The next price action around that level will be essential to define the next direction and our entry point.

🔴Conclusion:
In my previous analysis, I expected the price falling down but unfortunately it got a strong rejection on its weekly trendline.
I'm still confident to see the price breaking through its trendline and continuing the downtrend inside its descending channel .
I would like planning two positions on this trade, the first one whenever the price will reach its dynamic channel's resistance and the second one if the price will break the support level at 0.79500.

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What's your opinion? Share your idea writing a comment!

⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️

Trade Safe and Responsibly,
Gianni

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Comments

Simple and Clear.Thanks for sharing!
+1 Reply
FXtrades-gp KlejdiCuni
@KlejdiCuni, thanks man, I really appreciate!
Reply
Nice setup, enjoying it, cheers man
+1 Reply
FXtrades-gp Investroy
@Investroy I’m glad you appreciate that!
Reply
Thanks for the great analysis and confirmation
+1 Reply
@potdee, You're welcome, for any question and suggestion don't hesitate to ask :)
Reply
nice :D keep it up Gianni
+1 Reply
FXtrades-gp TheSignalyst
@TheSignalyst, thank you Rich! always appreciate your daily feedback!
Reply
Thanks for always sharing your thoughts.
+1 Reply
@abel11, many thanks, i always appreciate your feedback
Reply
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