On the AUDUSD 1D chart, a large bullish channel has formed. Within this channel, a smaller channel broke downward, and the price is now pulling back.
Currently, the price is rising with a bearish pattern, and another smaller pattern has formed inside it. The price is testing its previous high and appears to be rejecting downward. The key level and Fibonacci 0.618 retracement align at the lower point, suggesting that the price may rise toward the previous key level at 0.64584, which is also the upper boundary of the channel.
This chart only includes the smaller timeframe channel for reference.
Currently, the price is rising with a bearish pattern, and another smaller pattern has formed inside it. The price is testing its previous high and appears to be rejecting downward. The key level and Fibonacci 0.618 retracement align at the lower point, suggesting that the price may rise toward the previous key level at 0.64584, which is also the upper boundary of the channel.
This chart only includes the smaller timeframe channel for reference.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.