💱AUDUSD - False break of the daily resistance
Updated
AUDUSD stops the rally. A false break of the key resistance is formed and the currency pair is going to go down.
TA on the high timeframe:
1) There is a break in the uptrend on H1-H4. A bearish price channel is forming.
2) The price makes a false-break through resistance in the range of 0.67900. False breakout can send the price to 0.66252 in the medium term
TA on the low timeframe:
1) Price bounces off downtrend channel resistance and starts moving down following the trend
2) The nearest target, which can temporarily hold the price, is the support at 0.67506. Within the developing movement, the target can be reached quickly.
3) Consolidation is formed under the level of 0.67900-0.68070. A sell signal is formed
4) If the dollar does not start to weaken due to the fundamental factors, the currency pair will continue moving towards 0.67134
Key resistance📈: 0.68069
Key support📉: 0.67506, 0.67134
TA on the high timeframe:
1) There is a break in the uptrend on H1-H4. A bearish price channel is forming.
2) The price makes a false-break through resistance in the range of 0.67900. False breakout can send the price to 0.66252 in the medium term
TA on the low timeframe:
1) Price bounces off downtrend channel resistance and starts moving down following the trend
2) The nearest target, which can temporarily hold the price, is the support at 0.67506. Within the developing movement, the target can be reached quickly.
3) Consolidation is formed under the level of 0.67900-0.68070. A sell signal is formed
4) If the dollar does not start to weaken due to the fundamental factors, the currency pair will continue moving towards 0.67134
Key resistance📈: 0.68069
Key support📉: 0.67506, 0.67134
Trade closed: target reached
The currency pair after a false breakdown on D1 reaches the specified target.
Possible rebound from the support of the channel
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