AUDUSD Made an impressive run to the upside recently. The rally extended to reach confluence multiple key levels at the red zone on chart:
Accordingly,
Even if the upside to continue, I expect to see short term downside pullback towards at least 0.7280 before further upside. I would look to short within 0.7355-0.7430, targeting 0.7280 and 0.7200.
A break above 0.7430 will probably extend the rally to 0.7550 major resistance area .
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- Main long term falling trend line (Dynamic Resistance)
- 1.272 extension for the latest bearish wave(AB)
- Previous swing high(Horizontal resistance) at 0.7430
Accordingly,
Even if the upside to continue, I expect to see short term downside pullback towards at least 0.7280 before further upside. I would look to short within 0.7355-0.7430, targeting 0.7280 and 0.7200.
A break above 0.7430 will probably extend the rally to 0.7550 major resistance area .
My Best Regards
Technician
Subscribe to my trading portal http://thefxchannel.com
Trade closed: target reached:
Downside Targets reached, we are testing a key support now. If we continue to break lower that would confirm the resumption of the trend. Otherwise, if i see a bullish candle at the current levels i would look for a long.
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Indeed, we already had the awaited pullback in the past few days. Lets see the next signal.