AUDUSD is currently in a downward trend and breakout of its support at 0.7226 will confirm a further move downwards. Here’s our idea!
USAS_INC
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@FXCM-EDU, Thanks mate. I'll look into it!
easyMarkets
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Nice idea on AUDUSD, I have also identified an ascending channel just like yours. However, my channel is slightly narrower. In addition, I found a major resistance at 0.7310, a horizontal overlap resistance with 76.4% Fibonacci retracement. I have identified a similar support level at 0.7236, a horizontal overlap support, with a 38.2 Fibonacci retracement and 100% Fibonacci extension. It nicely coincides with my channel support. There is a potential bounce off this support level and I agree with you that this may be a good opportunity to go long. Looking forward to see how things develop.
Please take a look at my idea and share with me what you think.
USAS_INC
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@easyMarkets, Sellers trying to keep it inside downtrend it seemes !! Buyers want to push up also it seemes. Market may be trying to get a direction here!!!