AUDUSD → A reversal set-up. Rebound before the fall
Updated
AUDUSD is breaking the bullish market structure amid the counter-trend dollar correction related to fundamentals. The currency pair is bumping into a strong liquidity area...It will be difficult to pass the zone 0.6695 from the first time, because below this area there is a zone of high density of limit orders. Accordingly, as a reaction we see a false break of the support at 0.6699 (H4) and a rebound. Earlier there was a change of market character to bearish, rebound from the support may lead to recovery to 0.5-0.7 Fibo, from which further decline may resume to the key support from which 2 scenarios may develop. In a weak market the movement may continue, but if the general background starts to change (the dollar is in a bear market) the currency pair may start a recovery phase.
Resistance levels: 0.674, 0.676
Support levels: 0.6699, 0.6686
Technically, we are waiting for a pullback to the specified zone (0.5 - 0.7 Fibo), further it is worth watching the price reaction to the specified zones. A price retest of the support will increase the chances of a breakout and further decline, but strong bulls may continue to resist the bears, which may lead to growth
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Trade active
An upward impulse from the specified zone is being formed. We are waiting for resistance retest...Trade active
Reached 0.5 fiboTrade active
Trade active
0.674 - Attention.
The price is not declining, but is preparing to test 0.5 fibo for a breakout and growth.
Possible target is 0.678
Trade active
Trade active
Continuing to hold Trade active
Trade closed: target reached
Both movements accomplished their targets :)
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