AUDUSD - Possible further drop
Greeting fellow traders,
Roughly about 3-4 weeks ago, price has violated the weekly demand zone by closing below 0.625 weekly support line. In addition to the newly created weekly supply zone (0.655 - 0.636). This suggests that sellers are in control. In terms of long term, there's a possible chance that AUDUSD might drop further ( to weekly support - 0.598). Whereas, in terms of short term - AUDUSD possible (bullish) retrace before dropping even further.
Based on the illustration above, price has respected the weekly/ daily supply zone as well as broke and close below the upward trend line. This suggests that sellers are currently in control and there's a possible chance that price might drop even further towards to 0.6200.
P/s: These are just my opinions and thoughts. Do not take this as a trading or financial advise. Do your own research.
Thank you for reading.
Blessed Trading everyone.
Renee
Roughly about 3-4 weeks ago, price has violated the weekly demand zone by closing below 0.625 weekly support line. In addition to the newly created weekly supply zone (0.655 - 0.636). This suggests that sellers are in control. In terms of long term, there's a possible chance that AUDUSD might drop further ( to weekly support - 0.598). Whereas, in terms of short term - AUDUSD possible (bullish) retrace before dropping even further.
Based on the illustration above, price has respected the weekly/ daily supply zone as well as broke and close below the upward trend line. This suggests that sellers are currently in control and there's a possible chance that price might drop even further towards to 0.6200.
P/s: These are just my opinions and thoughts. Do not take this as a trading or financial advise. Do your own research.
Thank you for reading.
Blessed Trading everyone.
Renee
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.