AUDUSD is in a clear downtrend for more than 6 months.
The last corrective rally showed that 0.74 is very strong resistance and I expect a new local low from this pair.
A break under short term trend line support could be a sign that a new leg down has started,the support level is broken and the price continues to consolidate below. On the way below there is a target - the support level , lookING forward to a fall after the end of consolidation.
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The last corrective rally showed that 0.74 is very strong resistance and I expect a new local low from this pair.
A break under short term trend line support could be a sign that a new leg down has started,the support level is broken and the price continues to consolidate below. On the way below there is a target - the support level , lookING forward to a fall after the end of consolidation.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.