AUDUSD → A reversal set-up. Rebound before the fall

4 sept.AUDUSD is breaking the bullish market structure amid the counter-trend dollar correction related to fundamentals. The currency pair is bumping into a strong liquidity area...



It will be difficult to pass the zone 0.6695 from the first time, because below this area there is a zone of high density of limit orders. Accordingly, as a reaction we see a false break of the support at 0.6699 (H4) and a rebound. Earlier there was a change of market character to bearish, rebound from the support may lead to recovery to 0.5-0.7 Fibo, from which further decline may resume to the key support from which 2 scenarios may develop. In a weak market the movement may continue, but if the general background starts to change (the dollar is in a bear market) the currency pair may start a recovery phase.

Resistance levels: 0.674, 0.676
Support levels: 0.6699, 0.6686

Technically, we are waiting for a pullback to the specified zone (0.5 - 0.7 Fibo), further it is worth watching the price reaction to the specified zones. A price retest of the support will increase the chances of a breakout and further decline, but strong bulls may continue to resist the bears, which may lead to growth

Rate, share your opinion and questions, let's discuss what's going on with ★ AUDUSD ;)

Regards R. Linda!

4 sept.

Transaction en cours

An upward impulse from the specified zone is being formed. We are waiting for resistance retest...

4 sept.

Transaction en cours

Reached 0.5 fibo

5 sept.

Transaction en cours

5 sept.

Transaction en cours

0.674 - Attention.
The price is not declining, but is preparing to test 0.5 fibo for a breakout and growth.
Possible target is 0.678

7 sept.

Transaction en cours

9 sept.

Transaction en cours

Continuing to hold

11 sept.

Transaction en cours

hier

Trade fermée: cible de profit atteinte

Both movements accomplished their targets :)