AUDUSD Technical Analysis
AUDUSD has been in consolidation zone since early 2016, the price barrier was from 0.6884 to 0.7773. Auzzie tried to breakout through this area numerous times but failed. However, last week auzzie smashed through previous resistance, and on Monday it retested the new support 0.7785 (previous resistance). Since AUDUSD has finally broken the structure, price is predicted to reach back into 0.8700 zone from where it fell.
I will breakdown AUDUSD on lower timeframe for further explanation in next idea. Overall TP is 0.8670.
AUDUSD has been in consolidation zone since early 2016, the price barrier was from 0.6884 to 0.7773. Auzzie tried to breakout through this area numerous times but failed. However, last week auzzie smashed through previous resistance, and on Monday it retested the new support 0.7785 (previous resistance). Since AUDUSD has finally broken the structure, price is predicted to reach back into 0.8700 zone from where it fell.
I will breakdown AUDUSD on lower timeframe for further explanation in next idea. Overall TP is 0.8670.
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