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What are your thoughts on AUDUSD?
In the AUDUSD daily chart, price has broken below a major ascending trendline and a key horizontal support zone. It is now retesting the broken structure in what appears to be a classic pullback.
Several important technical factors are converging in this area:
Previous support has now turned into resistance.
The zone aligns with the 38.2% Fibonacci retracement.
The broken ascending trendline is now acting as dynamic resistance.
Together, these factors create a strong supply zone between 0.6990 and 0.7025.
As long as price remains below this confluence resistance, the current rebound is likely to be a corrective pullback rather than the beginning of a new bullish trend.
Price is expected to complete its pullback within this resistance zone before resuming the bearish move toward the projected downside targets shown on the chart.
A decisive daily close above the resistance zone would invalidate this bearish scenario.
If you found this analysis helpful, please support it with a like and share your thoughts in the comments! Good luck with your trades!❤️
What are your thoughts on AUDUSD?
In the AUDUSD daily chart, price has broken below a major ascending trendline and a key horizontal support zone. It is now retesting the broken structure in what appears to be a classic pullback.
Several important technical factors are converging in this area:
Previous support has now turned into resistance.
The zone aligns with the 38.2% Fibonacci retracement.
The broken ascending trendline is now acting as dynamic resistance.
Together, these factors create a strong supply zone between 0.6990 and 0.7025.
As long as price remains below this confluence resistance, the current rebound is likely to be a corrective pullback rather than the beginning of a new bullish trend.
Price is expected to complete its pullback within this resistance zone before resuming the bearish move toward the projected downside targets shown on the chart.
A decisive daily close above the resistance zone would invalidate this bearish scenario.
If you found this analysis helpful, please support it with a like and share your thoughts in the comments! Good luck with your trades!❤️
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t.me/+1gFAIO4CJJw3NTU0
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
✅MY FREE FOREX &CRYPTO SIGNALS TELEGRAM CHANNEL:
t.me/+1gFAIO4CJJw3NTU0
✅ MY INSTAGRAM :
instagram.com/marketanalaysis
t.me/+1gFAIO4CJJw3NTU0
✅ MY INSTAGRAM :
instagram.com/marketanalaysis
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.