Invezted

Aud/Usd Trading at support / Oversold condition

FX:AUDUSD   Australian Dollar/U.S. Dollar
140 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
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out