Hi Traders!
AUDUSD has broken its 2023 low at 0.64583 and is approaching its 2022 low at 0.61702, and our recent bearish approach to this currency pair has worked well.
On the 1W chart, the market has been in a long-term symmetrical triangle, and the trendline was finally broken to the downside. As the market approached the 0.64583 level, there had been strong support there previously, and it took the market a few days before the level finally broke to the downside.
For 2023, the market is now trading in new territory, and depending on how strong the US dollar looks in the next few months, we may see further continuation on the downside. If the market does continue, 0.61702 is the level to look out for, as that is the low for 2022. 0.64583 will now be resistance, and new waves of sellers will most likely look to short around this level.
Please remember to like, follow, and comment, as your support greatly helps.
Thank you for your support.
BluetonaFX
AUDUSD has broken its 2023 low at 0.64583 and is approaching its 2022 low at 0.61702, and our recent bearish approach to this currency pair has worked well.
On the 1W chart, the market has been in a long-term symmetrical triangle, and the trendline was finally broken to the downside. As the market approached the 0.64583 level, there had been strong support there previously, and it took the market a few days before the level finally broke to the downside.
For 2023, the market is now trading in new territory, and depending on how strong the US dollar looks in the next few months, we may see further continuation on the downside. If the market does continue, 0.61702 is the level to look out for, as that is the low for 2022. 0.64583 will now be resistance, and new waves of sellers will most likely look to short around this level.
Please remember to like, follow, and comment, as your support greatly helps.
Thank you for your support.
BluetonaFX
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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.
JOIN OUR FREE TELEGRAM CHANNEL
t.me/bluetonaFX
t.me/bluetonaFX
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.