AUDUSD is Entering an Interesting Period

Google+ Pinterest LinkedIn Tumblr +

After a long decline and rebound from the lower bound of the green channel, we saw a slight rise in the currency pair. Most likely, the market is approaching the upper yellow wall and the resistance level of 0.678.

If the bulls have enough strength to go above this price level, then the market may open a path in the direction of the upper bound of the green channel and the resistance level of 0.696. In this case, we could expect a gradual and long-term rise in the price.

However, if we see a rebound from the bound of 0.678, then we could expect a decline in the direction of the lower bound of the green channel and the support level of 0.666. Then, when this level is broken below, the bears can continue to decline to the lower yellow wall.

An approximate scheme of a possible future movement is shown on the chart.

Share

About Author

Leave A Reply

Translate »