#AUDUSD Pullback is likely! #forex

FX:AUDUSD   Australian Dollar / U.S. Dollar
3368 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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Hi Technician, thank you for sharing your charts and updating your technical reasons.
+1 Reply
Technician MIchaelTran
You're welcome
AUDUSD is bullish in the coming weeks. But this is a very nice zone for a potential pullback. Great stuff Technician..! Well done..!
Technician 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
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
Technician EvanJones
Good luck mate
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 moneymaking
Good to see you mate. Thank You :)
+1 Reply
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