AUDUSD

The AUDUSD Pair has been consolidating for some weeks now. In our last post, price traded below level 0.73996 .This level acted as a Resistance during that period. Checkout this link for reference https://fxsits.com/audusd-signals/. Since price resisted at level 0.73996 .We have seen the AUDUSD retraces and now find support at level 0.72648.

AUDUSD H4 Chart 8 September 2020
AUDUSD H4 Chart 8 September 2020

If price moves below the support level in the upcoming market sessions. We could see level 0.71480 exposed. This level could possibly act as our new support. Moving past this ,level 0.70751 will could be exposed as well. But, if price is finds support at the current level 0.72648 .And continues to move bullish with its current momentum. We could see price move past the present resistance level at 0.73996 .Thus,exposing the target at level 0.75673 .

AUDUSD Daily Chart 8 September 2020
AUDUSD Daily Chart 8 September 2020

The AUDUSD has been on long term bullish trend and has shown strong bullish price action for months now. However, we always remind traders that in all bullish moves a pull back is imminent.If the AUDUSD retraces it is due to other economic indicators. In addition the dollar market has been depreciating for some time now, which gives room for the other currencies to perform above the dollar. View the chart analysis as attached for more understanding.For more information on entries and exits join our smart signals plans .

NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read the risk warning before deciding to trade the markets.

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