Today’s analysis – AUDUSD – trading at a key support region where a bounce is possible,
Points to consider, - Price Action Corrective - Weekly S/R Support - .618 Fibonacci - RSI Oversold
AUDUSD’s immediate price action is corrective and is approaching a key resistance zone that has the .618 Fibonacci and the Weekly S/R in confluence, allowing for a bullish bias.
The current RSI is in oversold conditions, this signifies over-extension where a mean reversion is likely to occur.
Overall, AUDUSD is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps,
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And remember,
“If you can learn to create a state of mind that is not affected by the market’s behaviour, the struggle will cease to exist.” – Mark Douglas