AUDUSD

Last week we looked at the AUDUSD. During that time price consolidated after a week of bearish price action. The pair traded above the support level 0.73250. check the link for reference (https://fxsits.com/audusd-retraces-and-finds-support/). Since then, price has moved 172 Pips bullish. Thus, resuming it bullish long term trend continuation due a stronger Australian dollar.

AUSD daily chart 15 September 2020
AUSD daily chart 15 September 2020

In the H4 and daily timeframe. We see how price found resistance at level 0.73996. We also see the pair pull back for weeks and has found support at level 0.72648 .If price has other plans we could see the AUDUSD price fall further. Possibly it could find a stronger support at level 0.72104 which price had difficulties breaking in the past.If the AUD regains it strength this will give the pair bullish momentum.Price is now trades above level 0.72648 which is acts as our support level at the moment.

AUSD H4 chart 15 September 2020
AUSD H4 chart 15 September 2020

If price continues moving below level 0.73250 .This will leave support level 0.72648 exposed. However, if we see price move above the recent resistance level 0.73250 .Level 0.73996 will be exposed as our next resistance point. Due to the Global crisis and a weaker dollar.We could see price break past the higher high . Level 0.73996 will be our next support if price moves above.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 risk warning before deciding to trade the markets.

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