AUD/USD has
been testing and testing the resistance that coincides with the (MA)90
indicator on the weekly time-frame for months now, or more precisely, since the
middle of March this year. Last week the pair formed a doji candlestick above
the support at 0.7510 on the same time-frame and it moved to the upside,
reaching the aforementioned resistance, which is now at 0.7670, yet again. So
far there is no indication that there will be a breakout, but the sideways consolidation
that is occurring below the (MA)89 indicator is slowing getting tighter and
tighter, which means that we will see one sooner or later. If that does happen
then the pair will likely continue climbing towards the previous high at
0.7834.
It's still testing the resistance.
ReplyDeleteWill keep in mind those levels, thank you!
ReplyDeleteGood resistance at that moving average.
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ReplyDeleteVery insightful analysis.
ReplyDelete