Market Instrument: AUDUSD
Timeframe: Daily
Analysis: Technical
Structure: Channel and Support
Prediction: Bullish
AUDUSD is playing inside an important channel formed on the H4 and D1 timeframes. Based on the structure I have spotted very important key supports which can support the AUDUSD to grow up during the coming weeks. Here we can see AU got supported close to the minor support region which I have shown on the chart and we also have very important and strong support formed with an extended period of 6-7 months. By any chance of a bearish pressure if the price fails to hold up on the minor support we will see a continued price drop for AUDUSD towards the major support highlighted at 0.701. So here the most important level to watch is inside the circled area to spot a reversal or a bearish breakout on the minor support. Anything which is in favor of bulls over the minor support will push the price close or above 0.73
Timeframe: Daily
Analysis: Technical
Structure: Channel and Support
Prediction: Bullish
AUDUSD is playing inside an important channel formed on the H4 and D1 timeframes. Based on the structure I have spotted very important key supports which can support the AUDUSD to grow up during the coming weeks. Here we can see AU got supported close to the minor support region which I have shown on the chart and we also have very important and strong support formed with an extended period of 6-7 months. By any chance of a bearish pressure if the price fails to hold up on the minor support we will see a continued price drop for AUDUSD towards the major support highlighted at 0.701. So here the most important level to watch is inside the circled area to spot a reversal or a bearish breakout on the minor support. Anything which is in favor of bulls over the minor support will push the price close or above 0.73