AudUsd- Reversal underway?
Updated
In mid-August, AudUsd started to rise and correct the down move, and at the beginning of September, a new leg down took place.
However, this new leg down couldn't make a new low, but a higher low instead which puts under question the medium-term downtrend.
The last breakdown has proven to be a false one and AudUsd quickly recovered losses.
At this point, the chart structure is very constructive and indicates bullish momentum for the coming days.
I will look to buy dips for a break of 0.73 resistance and continuation to very important 0.75 zone
However, this new leg down couldn't make a new low, but a higher low instead which puts under question the medium-term downtrend.
The last breakdown has proven to be a false one and AudUsd quickly recovered losses.
At this point, the chart structure is very constructive and indicates bullish momentum for the coming days.
I will look to buy dips for a break of 0.73 resistance and continuation to very important 0.75 zone
Note
NFP can give us a decisive break up
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