The AUDUSD extended its gains earlier in the week after breaking and holding above the 100-bar moving average on the 4-hour chart (blue line currently at 0.65435). That technical development helped shift the bias more bullish and opened the door for buyers to target higher levels. Buyers raced the pair to the upside and to new highs for the week.
The most recent move to the upside saw price test a topside trendline resistance, where sellers leaned and capped the rally near 0.66197. The resulting pullback found support in a familiar swing area between 0.6588 and 0.65945, helping define a key near-term risk level for dip buyers. Holding this zone keeps the short-term bias in favor of the upside and could lead to new highs for the year..
Conversely, a break below 0.6588 would weaken that bullish outlook – at least in the short term – and shift focus back toward the 38.2% retracement 0.65556 and the 100- and 200-bar MAs currently near 0. 65435 and 0.65265 respectively
Meanwhile, a renewed push above the trendline resistance near 0.6620 would give buyers further momentum
This article was written by Greg Michalowski at investinglive.com.Hence then, the article about audusd stalls at trendline resistance after bullish breakout what next was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( AUDUSD stalls at trendline resistance after bullish breakout. What next? )
Also on site :
- Rangers’ Cody Bradford Targeting Return In May From Elbow Surgery
- '90s Trash Metal Band Releases New Single Ahead of Farewell Album
- Trump discloses ‘private message’ from Macron