AUDUSD technical analysis

AUDUSD - Daily

Market (21 above 55) is bullish. Price (5 above 8) is bullish. Stochastic is moving down. Resistance levels at MR1/0.805, MM4/0.81 and MR2/0.815. Support levels at 0.80/MM3, MPP/0.795 and MM2/0.79. Price has hit the Bulls profit zone and as per pivot point theory price might return to MPP.


Market (21 above 55) is flat. Price (5 above 8) is flat and almost converging. Stochastic is oversold and moving up. Resistance levels at WPP/0.805/38.2 Fib, 50.0 Fib/MR1, 61.8 Fib/WM3. Support levels at WM2/0.80/MM3, WS1/0.795 and MPP. I am expecting price to find resistance in the fib zone and are looking for a sell at 38.2 fib level. If price breaks through that level, I will look at the next fib level for resistance. Be aware that Bulls will defend the WM2 support level and try to push price up to WM4.

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