AUDUSD, Rising Trendline Broken, Will Test Remaining Resistance!

Hello, Traders Investors And Community And welcome to this analysis about AUDUSD and its current situation in the remaining weakening up-trend, there are some important signs I detected in the current price-action AUDUSD is showing us. We are looking at the 4-hour local time-frame. AUDUSD is still in an overall uptrend but the price begins to weaken therefore we will test higher levels and to continue with the trend AUDUSD need to establish stable support here. Lets go!

When looking at my chart we can see that AUDUSD is still trading in an overall bullish trend but currently and seen in the last days and week the trend begins to struggle as we are approaching several resistance levels this is why AUDUSD crossed the first trend-line already successfully to the downside as you can see in my chart after that happened AUDUSD wanted to test higher levels and finally formed a new higher high with a second trend-line which got broken just the last days as you can see it in my chart.

The big common ground in both breakdowns is that AUDUSD actually tested the trend-line before moving a little bit down and confirming the 200-EMA as support the same will happen now again as the trend is weak on the short-time scale although the difference now is that what was the 200-EMA to test before is now the 100-EMA, you can see this scenario in the chart. Furthermore, as we have still serious support in this area minimum the test of higher levels is in the possible spectrum and shouldn't be ignored.

What we need to know now is that the next important resistance is at the 0.65569 level which you see in the chart marked with the grey trend-line, it also matches with the rising blue trend-line and building a logical confluence-zone there. After that we can get the next confirmation at the 100-EMA and moving higher to test the second grey resistance level at 0.67058 to form a possible higher high, it will be a similar mechanism to the higher high we have formed in the previous uptrend as you see it in my chart.

To continue with the overall bullish trend we have to establish more support in that area and hold the range otherwise we can still fall down as the global momentum begins to slow down and the bulls weakening, the first big confirmation in this scenario will be when we confirm below the 100 and 200-EMA and form a bearish cross this will be a stable signal to open a short position otherwise we are still remaining in the bullish trend and need to look if and how it can continue with the bullish scenario.

This should give you a good overview of the situation, have a good day, and support for more market insight!
“All I have seen teaches me to trust the Creator for all I have not seen.”
In this manner: FAREWELL

Information provided is only educational and should not be used to take action in the markets.

Comment:

ANALYSIS UPDATE: AUDUSD bounced several times within the 200-EMA and 100-EMA before it continued with a major breakout to reach the final target zones.