If it continues to trade in the channel, resistance could be expected at 0.7250 while immediate support is 0.7060 and then 0.6980. From there, price could try and form a new upward channel, according to technicals.
Chart: AUDUSD H1
Wednesday, October 28, 2015
AUDUSD Losing Ground
The pair fall to its three-week low in the early trading European session today. It hit 0.7110 and is currently trading at 0.7125. It managed to hold in the descending trend channel as it found resistance around the upper line at 0.7380.
If it continues to trade in the channel, resistance could be expected at 0.7250 while immediate support is 0.7060 and then 0.6980. From there, price could try and form a new upward channel, according to technicals.
Chart: AUDUSD H1
If it continues to trade in the channel, resistance could be expected at 0.7250 while immediate support is 0.7060 and then 0.6980. From there, price could try and form a new upward channel, according to technicals.
Chart: AUDUSD H1
Subscribe to:
Post Comments (Atom)
I fully agree with your analysis.
ReplyDeleteConsolidation continues for now.
ReplyDeleteGreat analysis!
ReplyDeleteConsolidating around 0.71 level.
ReplyDeleteThanks for this post.
ReplyDeleteInteresting analysis.
ReplyDelete