AUDUSD → Pre-breakout consolidation for trend continuation
AUDUSD may continue its upward trend. After another local distribution, the currency pair is consolidating and may repeat the cycleThe dollar index continues to fall, the global trend is clear, and the price is testing multi-year lows. After yesterday's speech by Powell, the decline may intensify amid expectations of a rate cut, which will only support AUDUSD.
AUDUSD is moving within an uptrend, stopping below resistance at 0.6583, but is not going to fall.
There was a false breakout (the zone was tested), the structure is not broken, and the price continues to squeeze towards resistance, which could lead to a breakout and growth
Resistance levels: 0.6583
Support levels: 0.6566, 0.6556
There is potential accumulation in the market, and the market is choosing growth against the backdrop of a falling dollar as its direction. Accordingly, the currency pair is one step away from a possible realization phase. Thus, if the price breaks 0.6583 and consolidates above this zone, it may continue to grow in the short and medium term.
Best regards, R. Linda!
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The market is expanding consolidation, the structure is still bullish. A retest of resistance and consolidation of prices above the level could lead to growth.
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🌹TRADING is a CASINO💔!?
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Disclaimer
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