AUDUSD at consolidation phase
Here, the AUDUSD is currently at a consolidation phase.
So, it can be quite tricky so you need to be quick in taking your profits and have a tighter stop loss.
Firstly, it is likely to heads south towards 0.67726, from here, it could rebound back to the upper channel at 0.6974 OR breaks down towards 0.6656.
I would think in the coming months, the chances of it breaking out of the upper channel resistance at 0.6974 and heads toward 0.700 is slimmer.
For those who are more conservative and wants a more assured answer before making a decision, let the price comes to the support level at 0.67726 first. Watch the price action here before deciding long or short
So, it can be quite tricky so you need to be quick in taking your profits and have a tighter stop loss.
Firstly, it is likely to heads south towards 0.67726, from here, it could rebound back to the upper channel at 0.6974 OR breaks down towards 0.6656.
I would think in the coming months, the chances of it breaking out of the upper channel resistance at 0.6974 and heads toward 0.700 is slimmer.
For those who are more conservative and wants a more assured answer before making a decision, let the price comes to the support level at 0.67726 first. Watch the price action here before deciding long or short
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