Hi Traders!
AUDUSD is nearing its 2023 low at 0.64583. Looking at the price action on the 1D chart, our bearish stance worked well, and since the double top pattern was established, the market has been on a downtrend with no upside relief.
Yesterday we had a huge upside rejection candle at 0.66170, which we have highlighted on the chart. This is now a resistance area due to the aggressiveness of the long upside wick.
Due to 0.64583 being the yearly low for the AUDUSD, there is strong support expected here. The longer the market holds above this level, the more likely we are to see a reversal of the bearish trend we have had over the past couple of months. Additionally, the pattern will become a double bottom pattern if there is a hold above 0.64583.
Please remember to click on the like and follow buttons to support us.
We would also love to hear your thoughts.
Your support is greatly appreciated.
BluetonaFX
AUDUSD is nearing its 2023 low at 0.64583. Looking at the price action on the 1D chart, our bearish stance worked well, and since the double top pattern was established, the market has been on a downtrend with no upside relief.
Yesterday we had a huge upside rejection candle at 0.66170, which we have highlighted on the chart. This is now a resistance area due to the aggressiveness of the long upside wick.
Due to 0.64583 being the yearly low for the AUDUSD, there is strong support expected here. The longer the market holds above this level, the more likely we are to see a reversal of the bearish trend we have had over the past couple of months. Additionally, the pattern will become a double bottom pattern if there is a hold above 0.64583.
Please remember to click on the like and follow buttons to support us.
We would also love to hear your thoughts.
Your support is greatly appreciated.
BluetonaFX
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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.
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.