Like all Usd pairs, AudUsd also has lost a lot of its value in the past 6 weeks( almost 10%).
After reaching a strong resistance above 0.76 at the beginning of April, the pair fell hard and the recovery from the beginning of May was also met with strong selling from 0.73 resistance.
Yesterday's test of 0.7+ was reversed hard leaving a very long-tailed Pin Bar on our daily chart and now the pair seems determined for further losses.
I'm strongly bearish as long as the price is under 0.7050 and I expect a drop to 0.67
Sell rallies can be a good strategy in AudUsd's case
After reaching a strong resistance above 0.76 at the beginning of April, the pair fell hard and the recovery from the beginning of May was also met with strong selling from 0.73 resistance.
Yesterday's test of 0.7+ was reversed hard leaving a very long-tailed Pin Bar on our daily chart and now the pair seems determined for further losses.
I'm strongly bearish as long as the price is under 0.7050 and I expect a drop to 0.67
Sell rallies can be a good strategy in AudUsd's case
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.