AUDUSD Update: Watch for a Break of .7588!
This is a technical analysis to note key institutional levels, not a trade recommendation.
Good evening traders!
Pressure is still to the upside and we are still waiting for a break above .7588 to expose further upside.
At the moment buying opportunities are preferred, however it will be best to wait and see how the .7588 short-term resistance will treat price.
A sustained break above the figure should allow price to get up to the next area of institutional resistance at .763.
Only a break below .7519 will take pressure off the upside.
Enjoy!
FAQ
What is an institutional level? Put ten traders in a room and instruct them to note key support and resistance levels. No doubt some of them will locate the proper levels, but there will surely be discrepancies among them because finding key support and resistance levels is subjective. Large financial institutions like big banks and hedge funds employ technical analysts to avoid these uncertainties and to justify what specific levels will attract institutional money.
Good evening traders!
Pressure is still to the upside and we are still waiting for a break above .7588 to expose further upside.
At the moment buying opportunities are preferred, however it will be best to wait and see how the .7588 short-term resistance will treat price.
A sustained break above the figure should allow price to get up to the next area of institutional resistance at .763.
Only a break below .7519 will take pressure off the upside.
Enjoy!
FAQ
What is an institutional level? Put ten traders in a room and instruct them to note key support and resistance levels. No doubt some of them will locate the proper levels, but there will surely be discrepancies among them because finding key support and resistance levels is subjective. Large financial institutions like big banks and hedge funds employ technical analysts to avoid these uncertainties and to justify what specific levels will attract institutional money.
