AUDUSD

The previous weeks we saw the AUDUSD price trade within major resistance and support levels. Prior to that, we saw price resume its bullish movement. This is after it found support at level 0.72895.However price hasn’t broken past the Resistance level 0.74169 thus giving us a range within level in between both levels . Check out our previous analysis here for follow up . https://fxsits.com/audusd-to-resume-its-bullish-movement-after-bearish-retracement/ .

AUDUSD H4 Chart 10 August 2021
AUDUSD H4 Chart 10 August 2021

In this post we see price trading in between support level 0.72895 and resistance level 0.74169.We have seen the pair ranging within these levels for sometime now. If price manages to break past the major support level, then we may see price trade bearish in the long run. In case price forms new lower lows after breaking the major support level. Thus move may ignite aggressive bearish movement. But if the pair break past the resistance level , then price may move to level 0.7600 next. This is our major resistance level . Any movement beyond this point is price forming new higher highs for the pair.

AUDUSD Daily Chart 10 August 2021
AUDUSD Daily Chart 10 August 2021

We can only be patient and wait for the AUDUSD price to give us a clear signal before we can be sure of where price is headed Attached is both the daily and H4 for reference.

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 risk warning before deciding to trade the markets.

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