#AUDUSD Pullback is likely! #forex

FX:AUDUSD   Australian Dollar/U.S. Dollar
3363 8 70
AUDUSD             Made an impressive run to the upside recently. The rally extended to reach confluence multiple key levels at the red zone on chart:

  • 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

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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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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Skype: Technician - The forex channel
Hey Technician, Great to hear from you again. Hope you are doing great. Thank You for the post and All the BEST to you :)
Technician TOP moneymaking
Good to see you mate. Thank You :)
+1 Reply
Hey glad your back! I have this trendline along with the fib retracement line too so was expecting a resumption of the downtrend on Daily/Weekly. I have a number of shorts in action awaiting for the move down south. If it breaks 0.7279 I will leave my trades open
Good luck mate
AUDUSD is bullish in the coming weeks. But this is a very nice zone for a potential pullback. Great stuff Technician..! Well done..!
Technician TOP Fxprotrader
Thanks, I follow your charts as well..
Indeed, we already had the awaited pullback in the past few days. Lets see the next signal.
+1 Reply
Hi Technician, thank you for sharing your charts and updating your technical reasons.
+1 Reply
Technician TOP MIchaelTran
You're welcome
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