empty
 
 
29.09.2021 02:40 PM
Short-term analysis on AUDUSD.

In our previous post on AUDUSD we mentioned the upside potential for AUDUSD. What is critical to that bullish scenario is for price to hold above recent lows at 0.7220. The delay to push price higher and break above resistance levels, increases the chances of price breaking below 0.7220 and falling lower towards 0.71.

This image is no longer relevant

Green rectangle- major support

Price is trading around 0.7230 just above the major support area. Inability to push above 0.7320 is a sign of weakness. Price has retraced 61.8% of the entire upward move from 0.7110 to 0.7480. This a major support area. Breaking below this level will open the way for a move lower towards 0.71. As long as price is below 0.7270 price will remain vulnerable to a move lower and a break of support at 0.7220.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback