Sideways AUDUSD but expecting Break out SOON. (Downside)
The trend of AUD/USD pair movement was controversial as it took place in a narrow sideways channel, the market showed signs of instability. The price is still moving between the levels of 0.6812 and 0.7065. Also, the daily resistance and support are seen at the levels of 0.7065 and 0.6834 respectively.If the trend breaks the support level of 0.6834, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.6656 in order to test the WEEKLY Support.
So, we need to wait until the sideways channel has completed. Last week the market moved from its bottom at 0.6812 and continued to rise towards the top of 0.6940 Resistance.
This week if the pair fails to pass through the level of 0.6970, the market will indicate a bearish opportunity below the strong resistance level of 0.6970 (the level of 0.6979 coincides with the double top too). Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 0.6970 with the first target at 0.6834 and more downside 0.6760 If the trend breaks out 0.6980 then 2nd Resistance expecting 0.7065 or If the trend breaks the support level of 0.6834, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.6656 in order to test the weekly support.
🛑SUPPORT/RESISTANCE
✅S1= 0.6834
✅S2=0.6656
✴️R1=0.6970
✴️R2=0.7065
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So, we need to wait until the sideways channel has completed. Last week the market moved from its bottom at 0.6812 and continued to rise towards the top of 0.6940 Resistance.
This week if the pair fails to pass through the level of 0.6970, the market will indicate a bearish opportunity below the strong resistance level of 0.6970 (the level of 0.6979 coincides with the double top too). Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 0.6970 with the first target at 0.6834 and more downside 0.6760 If the trend breaks out 0.6980 then 2nd Resistance expecting 0.7065 or If the trend breaks the support level of 0.6834, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.6656 in order to test the weekly support.
🛑SUPPORT/RESISTANCE
✅S1= 0.6834
✅S2=0.6656
✴️R1=0.6970
✴️R2=0.7065
Please like, share, comments and follow me to get daily base analysis.
Thank you for your support, I appreciate it.