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Australian Dollar / U.S. Dollar
Short

AUDUSD → False breakdown of resistance. Ready to go down?

By RLinda
Updated
AUDUSD is forming a false break of the range resistance, but the market continues to struggle between traders. The focus is on the risk zone, the breakout of which will send the price flying downwards.

snapshot

The trend is neutral, after a long-range retest of 0.66676 resistance a false breakdown is formed and the buyer has no potential to go up. A retest of the local maximum is possible, but all the emphasis is on the support at 0.6648. A break of this area will be a confirmation of the buyers' loss, as well as a break of the local uptrend, which will provoke the formation of a strong bearish impulse.

Resistance levels: 0.6668, 0.6715
Support levels: 0.665, 0.6558

Most likely, the buyers' strength will not be enough to pass the mentioned resistance from the first time. At the moment the seller is pushing the market and if the key support area is broken, the market will change its local mood

Regards R. Linda!
Trade active
snapshot
Price is breaking channel support and testing the 0.665 liquidity area.
A quick retest or pre-breakout consolidation may trigger a support breakout
Trade active
A support breakout is forming
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Perfect realization. An impulse is formed after a false breakdown
The fall may continue
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Realization of the breakdown at 50 pips
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Technically, the currency pair is ready to go down further!
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It's perfect. Retest of resistance does not give any result and after a false breakdown a fall is formed
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Oh, that's great. Long consolidation at the resistance level (fight between buyers and sellers) determines the winner. It was the sellers
The change of fundamental background forms an impulse downward.
The nearest target will be reached soon.
Note
Let's keep holding
Note
Continuing to hold
Ascending ChannelAUDUSDChart PatternsDXYFibonacci RetracementFLATFundamental AnalysisrangeSupport and ResistanceTrend AnalysisTrend Line BreakZigzag
RLinda
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