Hi Traders!,
We are back inside the range zone on AUDUSD. After multiple breaks of the range zone, we have not continued with the direction of the break, which tells us that both buyers and sellers are currently undecided long term as to where to go from this area.
We have highlighted the range zone on the chart. Resistance to the zone is at 0.68183 and support is at 0.65664.
From analysing the price action on the chart, we recently had a pin bar morning star candle after a range zone break at the 0.64583 level. The pin bar morning star is a strong reversal candle pattern, therefore a push to the upside of the range may be on the cards here.
As long as we are above 0.65664 there are opportunities for long positions and with a look to exit near the top at 0.68183. To the downside, to look for a continuation, we must break and close below the pin bar morning star candle at 0.64583.
We will keep an eye on this in the next few days and will give you a progress update.
Please do not forget to like, comment and follow.
Thank you for your support.
BluetonaFX
We are back inside the range zone on AUDUSD. After multiple breaks of the range zone, we have not continued with the direction of the break, which tells us that both buyers and sellers are currently undecided long term as to where to go from this area.
We have highlighted the range zone on the chart. Resistance to the zone is at 0.68183 and support is at 0.65664.
From analysing the price action on the chart, we recently had a pin bar morning star candle after a range zone break at the 0.64583 level. The pin bar morning star is a strong reversal candle pattern, therefore a push to the upside of the range may be on the cards here.
As long as we are above 0.65664 there are opportunities for long positions and with a look to exit near the top at 0.68183. To the downside, to look for a continuation, we must break and close below the pin bar morning star candle at 0.64583.
We will keep an eye on this in the next few days and will give you a progress update.
Please do not forget to like, comment and follow.
Thank you for your support.
BluetonaFX
