LONG - HORIZONTAL REJECTION AREA - TP 0.77329
Updated
This 0.75700-0.76000 area is a supply zone aswell as support for months now. The 1.0 FIB has been touched before and shot up, however not really this time, so a drawdown is expected, but a weak dollar will most likely easily shoot the price to the next fib zone.
Furthermore, the daily uptrend, trundline is causing major consolidation which in turn, most probably will cause a reversal back to the resistance of 0.77/0.78
Furthermore, the daily uptrend, trundline is causing major consolidation which in turn, most probably will cause a reversal back to the resistance of 0.77/0.78
Note
1.0 FIB has hit and its reacted in a 10 pip sharp rise. Next 48 hours will decide the overall directionNote
Another nice 25 pip rejection from the 75600's. Reacted nicely off the 1.0 FIBNote
Played out just as expected. After a few more 10 20 pips, a retracement is expected maybe back to 75900's, before we go higherNote
Beautiful play the plastic 48 hours. Strong DXY still manages to maintain a uptrend in the AUD/USD which shows clear strength.What I'm looking for next. The 0.76300 line is a minor resistance level that I'm looking for a break above at. Once that occurs this will add another confirmation for a reversal back to 0.77/0.78.
Note
Past*
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.