AUDUSD 09/02 Neutral Analysis
Updated
As price broke the 0.7400 level and reached it's 2 year high around 0.7414/15 & rejected, I am being extremely cautious w/ this pair after such a long bull streak, I am however expecting a major correction. We have support around 0.7340 area, however price is testing a smaller support around 0.7360 w/ the previous 1H candle closing w/ rejection of this level. Current hourly candle is pushing up suggesting continuation to test resistance around 0.7395 area. I'd suggest waiting for PA to trade this pair. After dropping close to 0.08% creating the daily low/ w/ RSI being extremely overbought, I will be looking for short term short opportunities as the recent US macroeconomic data release pumped the DXY close to 0.15%. I'd like to see a break of the 0.7340 / retest and rejection of this level to place shorts. I've highlighted a few breakout areas where breaks/retests occurred around significant levels.
Wish everyone a profitable week!
Wish everyone a profitable week!
Note
Break & retest occurred just as initially predicted. 70 pip drop to the support. Have a blessed week!
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