#AUDUSD: Following the Price Action | #forex
Let me try to explain what do I mean by saying that my main indicator is the price.
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- The AUDUSD continues the journey within the main bearish channel.
- The Structure of lower highs and lower lows remain intact, and continues to evolve.
- The price resumed the bearish trend after completing a pullback towards the resistance of the channel just below the 50-days SMA, where it formed a bearish engulfing candlestick pattern.
- The pair continued to move lower to break 0.7740 horizontal support
- The next potential support level and target at 0.7625(The Dragonfly doji low)
- A break below 0.7625 confirm more downside and a potential target at 1.618 extension(0.7448)
- The channel resistance should remain intact for this scenario to remain valid
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Be one of the first members of my new trading portal, check my new website thefxchannel.com/ , vote and subscribe. Thank you
Good luck, keep your stops tight..
twitter.com/thefxchannel
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My best regards
Technician
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