AUD/USD Two Year Trading Range Still Intact
AUD/USD at a very crucial level here this week. If price breaks
and closes below 0.7625 the next target will be 0.7328/30.
If price closes above, or remains above 0.7625, by the end of the week look for two other items, namely,
that price closes above the 50SMA and that the TRIX indicator remains above it's zero line. If this criteria is met, I suspect a strong rally to 0.7834 for a re-test of that level.
Further down, leg C of the Cypher pattern still not hit, hence, this
level may pose as a magnet for price to gravitate towards in the long term.
Looking at this chart, I would not trade AUD/USD until next week
or until price breaks or holds the 0.7625 level.
Happy trading
and closes below 0.7625 the next target will be 0.7328/30.
If price closes above, or remains above 0.7625, by the end of the week look for two other items, namely,
that price closes above the 50SMA and that the TRIX indicator remains above it's zero line. If this criteria is met, I suspect a strong rally to 0.7834 for a re-test of that level.
Further down, leg C of the Cypher pattern still not hit, hence, this
level may pose as a magnet for price to gravitate towards in the long term.
Looking at this chart, I would not trade AUD/USD until next week
or until price breaks or holds the 0.7625 level.
Happy trading
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