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Australian Dollar / U.S. Dollar
Long

AUDUSD → Test resistance for an upward breakout

By RLinda
Updated
AUDUSD forms a retest of the descending channel resistance, but there is no fall. Against the background of the dollar correction, the currency pair may move into the realization phase after the channel breakout.

snapshot

Moving averages, trend resistance and pre-breakout consolidation, with strong support zones, to which a large buyer does not let the price go. An interesting setup in the current conditions may form an attempt to change the trend. The key area is 0.6585. Consolidation of the price above this boundary may allow to overcome the obstacle and finally let the price strengthen to 0.66676, or to 0.67287.

Resistance levels: 0.6585, 0.6620
Support levels: 0.6551, 0.6504

Technically, there is a strong accumulation and prerequisites for a breakout. The resistance breakout will confirm the activation of the realization phase, which will give us a good bullish momentum.

Regards R. Linda!
Note
Break of resistance, momentum starts to form
Trade active
snapshot
Pre-breakdown consolidation. Against the backdrop of the dollar correction, the Aussie rises and breaks the structure, changing the potential to bullish.

waiting for continuation of growth
Trade active
The near-term target of 0.6620 may be reached soon
Note
An excellent accumulation is forming on H1 with the goal of continuing growth
Trade closed: target reached
Interim target achieved :)
AUDUSDChart PatternsconsolidationDescending ChannelDXYFalling WedgeFibonacci RetracementSupport and ResistanceSymmetrical TriangleTrend AnalysisTrend Line Break
RLinda
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