For the AUDUSD currency pair, let’s consider the situation on the 1H timeframe, where the market move has been visible since the second half of August. Apparently, an uptrend is being built within the green channel. We see that the price then rose to the upper green line, then fell again to the lower green line.
At the end of September, the market pushed off from the lower green line, and we saw a fairly rapid price increase within a small yellow channel. Now the price is approximately in the center of the yellow channel and in the upper green area.
There are two options for the development of events, the first option considers the continuation of the bullish move to the upper green wall. If the support level of 0.755 breaks, the bulls will be able to continue moving towards the upper yellow wall and the resistance level of 0.759.
The second option suggests a downward move to the lower yellow line and the support level of 0.737. If the bears can break through this level, then market participants will continue to fall to the support level of 0.721.
We will continue to observe the currency pair further.
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