The AUD/USD has been ranging between historical levels of S/R. Those are represented by the blue lines on the chart.
However, we can see that the price is currently trying to push towards 0.6930 zone. Breakout of 0.6937 should target 0.6961. However a rejection off the 0.6930 zone might aim for 0.6898. A break below aims for 0.6840. At this point, it seems that buying into dips could be a valid option as long as 0.6889 holds. For short traders, watch the reaction around 0.6937 and 0.6960 zone. It’s Friday, so we might see a 2-way price action due to profit taking.
The analysis has been done with the CAMMACD.MTF template.
For more daily technical and wave analysis and updates, sign-up up to our ecs.LIVE channel.
Many green pips,
Nenad Kerkez aka Tarantula FX