AUDUSD has my interest. Looking at the bigger picture, we still remain bearish, creating lower lows and lower highs. What interests me is we are now trapped within a falling wedge, which in my opinion is a bullish market pattern which tends to result in a breakout above, we also have huge support below within the grey boxed area.
Therefore I will be watching price action to see how price reacts to 0.7125 area which aligns with:
- 0.618 retracement from the recent high to low,
- Daily 50EMA
- Third touch of the descending trendline.
Therefore I will be watching price action to see how price reacts to 0.7125 area which aligns with:
- 0.618 retracement from the recent high to low,
- Daily 50EMA
- Third touch of the descending trendline.