The AUDUSD pair has been down this week, but as the week comes to a close, the AUDUSD pair is facing a range of support as the week comes to a close. The area is located between 0.6676 and 0.6689.
He targeted this area in the post on Wednesday, saying:
A break could trigger another multi-technical zone, including the 200-bar moving average on the 4-hour chart, the 50% retracement, and an ascending trend line, all between 0.6675 and 0.6686. Sellers will need to push below these levels to gain more confidence in further declines.
The price just hit a low of 0.6683 and bounced modestly.
Providing support is:
- Swing area between 0.66767 and 0.66896
- 200 bar moving average on 4 hour chart at 0.66784
- Midpoint 50% of the move up from the June low at 0.66865
- The trend line of the upward sloping channel is at 0.6683.
This represents a lot of technical support and so far, the market is right, as it is leaning towards the level. Buyers who are heading down can count on a stop below it. The hope is for resistance to return to 0.6712 without much risk in trading.
Conversely, if the pair manages to break the support group, the door is open for further downside exploration at 0.6663 and then another swing area at 0.66189 to 0.66279 and the 100-day moving average at 0.6604.
Find out all about it in preparation for the new week, by watching the video above.
Comments and ideas, please share.
AUDUSD reaches a major support range