Forex Technical Analysis:AUDUSD Bulls Finds Support At 0.6820

Bottom line:  AUDUSD bullish structure remains intact as AUDUSD bounces from a 4 month old…

Bottom line:  AUDUSD bullish structure remains intact as AUDUSD bounces from a 4 month old support trend line at 0.6820.

Technical Analysis:

AUDUSD bulls remain in control as Aussie Dollar bounces right at trend line support around the 0.6820 zone. Please also note that prices are bouncing from near the fibonacci 0.618 retracement of the rally between 0.6751 and 0.7032 respectively. Looking at the medium term wave counts, the AUDUSD seems to be progressing higher in Wave (3) towards 0.7200 levels at least. Wave (1) had terminated around 0.6929, followed by Wave (2) dropping towards 0.6750 respectively. Since then Waves 1 and 2 of (3) have terminated at 0.7032 and 0.6820 levels respectively. If the above counts are correct, prices should stay above 0.6750 levels and push higher towards 0.7200 levels as the 3rd of (3) rd wave progresses. Alternately, a break below 0.6750 would indicate that AUDUSD might drop to fresh lows below 0.6668, before turning higher again. At the moment, with numerous convergences of trend line and fibonacci retracements along with wave counts are suggesting a rally towards 0.7200 before a meaningful correction takes place. A safe trading strategy is to remain on the long side, against 0.6650 with potential price targets above 0.7200 levels respectively. Also note that an engulfing bullish candlestick pattern is in the making on 4H chart. Furthermore, if Wave 3 of (3) is extended then prices may push significantly above 0.7200 levels, as Wave (3) nears to termination. Lastly, the RSI is showing a bullish divergence with prices dropping to fresh lows below 0.6850 while RSI holding above 30 levels. With all the above facts intact, watch out for a bullish reversal from here (0.6840) towards 0.7200 levels at least. Only a break below 0.6750 would delay matters and change the above structure.

Prepared by

Harsh Japee, Technical Analyst.

 

AUDUSD Chart

 


MyFxtops 邁投 (www.myfxtops.com) -Reliable Forex Copy Trade community, follow the master for free to trade!

Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.

Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.

 

MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区,免费跟随高手做交易!

 

免责声明:本文系转载自网络,如有侵犯,请联系我们立即删除,另:本文仅代表作者个人观点,与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实,对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺,请读者仅作参考,并请自行核实相关内容。

著作权归作者所有。
商业转载请联系作者获得授权,非商业转载请注明出处。

本文来自网络,不代表迈投财经立场,转载请注明出处:http://www.myfxtop.cn/analysis/23529.html

为您推荐

联系我们

联系我们

在线咨询: QQ交谈

邮箱: myfxtop@hotmail.com

9:30 - 18:00/Mon-Fri
返回顶部