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AUDUSD Daily S/R| 200MA| .618 Fibonacci| Price Action
Australian Dollar / U.S. Dollar
Long
AUDUSD Daily S/R| 200MA| .618 Fibonacci| Price Action
By AzizKhanZamani
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Nov 3, 2020
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Nov 3, 2020
Evening Traders,
Today’s Analysis – AUDUSD – price action impulse above local S/R where a back test is probable to confirm support.
Points to consider,
- Price Action Impulse
- Local S/R Support (.382 and 200 MA)
- Daily S/R Resistance
- Oscillators extended
- Volume Increasing
AUDUSD’s immediate price action is bullish above Local S/R, this allows us to have a bullish bias on the market.
Local S/R is immediate support that is in confluence with the .382 Fibonacci and 200 MA, a bounce here is probable on first attempt.
Daily S/R is current resistance that needs to be breached for trend continuation, failure will be bearish.
Both oscillators are over-extended; a reversion to their mean is likely, remaining mainlining in their bullish control zones is critical.
Immediate volume is below average, an influx is needed for trend continuation, epically when testing key trade locations,
Overall, in my opinion, AUDUSD is a valid long with defined risk; price action is to be used upon discretion/ management.
Hope this analysis helps!
Thank you for following my work
And remember!
The market can stay irrational longer than you can stay solvent. - John Maynard Keynes
AUDUSD
Chart Patterns
Technical Indicators
localsr
priceaction
Relative Strength Index (RSI)
Stochastic Oscillator
support
Support and Resistance
trend
Trend Analysis
Volume Indicator
AzizKhanZamani
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