Invezted

Aud/Usd Trading at support / Oversold condition

FX:AUDUSD   Australian Dollar/U.S. Dollar
138 5 2
Context:

Price took a dive after it got rejected at the "mean" of the downchannel , and currently stopped the decline near
the support level of 75600 aswell as the oversold line of the channel, if the bulls step up we , should see a retest
of the mean again , any rejection at the mean gives us hints of further weakness,

should we take out the resistance level of 76400 we might test the upper limit of the channel , however a breakdown
of support and we we have plenty room for a decline to 73000 / 72000

Signs of strength:
support holds

Signs Of weakness:
downchannel
rejection of mean

Support:
75600
75000
73000

Resistance:
76400
77500

http://www.invezted.com

these linear channels are pointing to .7250...
snapshot
+1 Reply
Invezted look4edge
yup looks like a nice confluence ;)
Reply
Hi Invezted, your insights are wonderful. Btw, may I know what indicator you used to plot the channel?
+1 Reply
Invezted magforexdotbiz
Hi , thank you ! the channels and lines are all drawn free hand , no indicators are used only price ;)
a channel is nothing more then a diagonal trading range , just draw a trendline and copy the line and paste
it against the the highest swing high/low and you got your channel.. like so
snapshot
+1 Reply
Thank you Invezted. That's very helpful!
+1 Reply
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