Background: Aud/Usd Remains in a downtrend but we found support @0.75600 ish level and price found balance, we formed a minor range between 0.7560 support and 0.7914 resistance , where price broke thru resistance but price traded back into the broken resistance, however its not over for the bulls as the up channel is still intact and if we find buyers we may head back aboove to retest the current high @0.80600
Signs of Strenght:
price found support
broken resistance
up channel
Signs of Weakness:
Downtrend
broken resistance didnt turned support @ retest
Key Levels above current price: 80750 82500 79800
Key Levels below current price: 78180 77200 75600
sidenote: A Trading channel is nothing but a diagonal trading range where the upper limits is the oversold level and the lower limits is the oversold level , whereas the mean in this case rising represents fair value. and as it rises so does demand , if price fails to take out the lower limits of the channel and we break the RED trendlines this indicates that demand is in charge and any higher low can be used as an entry signal for a long position