AUDUSD Failed Breakdown
Structure: Uptrend
Moving Average: Double Tested 50 SMA Support, a deeper retest at 200 SMA than expected
Trendline: Uptrend Line Holds
Pattern: Head & Shoulder Neckline Support, Uptrend Line potential Morning Star
Trigger: A potential failed breakdown at 0.6850 area
Support: 0.6850, 0.6760
Resistance: 0.6930, 0.7025
Although today candle haven't printed, AUDUSD is very likely to close with a strong bullish candle today based on Asia market performance.
Combined with last two days candles, a morning star will be formed just above uptrend line, meaning the down retracement is going to an end at a critical support area.
Entry area: 0.6850 - 0.6870
SL: 0.6820
1st Target: 0.6930
2nd Target: 0.70
Moving Average: Double Tested 50 SMA Support, a deeper retest at 200 SMA than expected
Trendline: Uptrend Line Holds
Pattern: Head & Shoulder Neckline Support, Uptrend Line potential Morning Star
Trigger: A potential failed breakdown at 0.6850 area
Support: 0.6850, 0.6760
Resistance: 0.6930, 0.7025
Although today candle haven't printed, AUDUSD is very likely to close with a strong bullish candle today based on Asia market performance.
Combined with last two days candles, a morning star will be formed just above uptrend line, meaning the down retracement is going to an end at a critical support area.
Entry area: 0.6850 - 0.6870
SL: 0.6820
1st Target: 0.6930
2nd Target: 0.70
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