AUD is breaking above very important Resistance
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AUD has manage to break above the very important resistance of ~0.666. this price level has been holding prior to COVID as a major support and by breaking above it we are moving to pre-crisis territory.
AUD has been very bullish towards the USD for a several weeks, even when DXY was elevated. Now when DXY is breaking down and AUDUSD is breaking above ~0.666 level we are getting into very strong bull territory.
The best set up would be to catch the retest of the level (which will probably come sooner or later). Depending on the time frame and duration of the trade you like to execute you may wait for the retest (longer periods) or you can go with the momentum now and manage to scalp a shorter term trade.
If the price fell below the previous resistance, now support, I would go off the market and wait for next move. I would NOT advise to short the pair anytime soon.
AUD has been very bullish towards the USD for a several weeks, even when DXY was elevated. Now when DXY is breaking down and AUDUSD is breaking above ~0.666 level we are getting into very strong bull territory.
The best set up would be to catch the retest of the level (which will probably come sooner or later). Depending on the time frame and duration of the trade you like to execute you may wait for the retest (longer periods) or you can go with the momentum now and manage to scalp a shorter term trade.
If the price fell below the previous resistance, now support, I would go off the market and wait for next move. I would NOT advise to short the pair anytime soon.
Note
If anyone took a trade I would recommend to either move stop loss way up to lock some profit in or exit the trade all together as we are very close to another resistance area. It might go through it, but better take a profit and re entry if the break is confirmed
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