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Australian Dollar / U.S. Dollar
Long

AUDUSD → Price squeezes in front of resistance. A breakout?

By RLinda
Updated
AUDUSD is forming a strong consolidation on the chart as the price is squeezing to the resistance at 0.67. On the background of weakening DXY, buyers have chances to break the area.

snapshot

There is news ahead and at the moment traders are preparing to break resistance. Favorable news may contribute to the breakout of the strong limit zone and the formation of a distribution towards 0.684. Technically, the chances are high (strong bullish pattern)
Traders are waiting for: ADP, Initial Jobless Claims, SP PMI, ISM, FOMC. Quite a busy news day, against which high volatility is expected. After Powell's words yesterday, the situation is neutral, but the dollar is going into correction. Everyone is waiting for the data on the labor market, on which the further situation will depend.

Resistance levels: 0.67
Support levels: 0.665, 0.662, 0.6586

Technically, the situation is bullish, the emphasis is towards the resistance breakout. Further everything will depend on the fundamental background. A favorable background for AUD will increase purchases, but a negative background may cause a correction.

Regards R. Linda!
Trade active
snapshot
A breakthrough is forming.
Traders felt support from the fundamental component.
Pattern realization and price transition to the distribution phase
Trade active
A consolidation above 0.67 would be a strong signal to go upwards
Trade active
Technically, the breakout took place. At the moment, to continue growth, the market needs to overcome the area of 0.6735
Trade active
snapshot
Trade active
snapshot
The realization of accumulation after resistance breakdown continues.
Favorable fundamental won positively influences the price. waiting for the continuation of growth
Trade closed: target reached
Ascending ChannelAscending TriangleAUDUSDChart PatternsDXYFibonacci RetracementFLATFundamental AnalysisSupport and ResistanceTrend AnalysisTrend Line BreakZigzag
RLinda
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