Hi Traders!
There is a support break opportunity here on the AUDUSD 4H chart. The price action shown on the 4H chart is very contrasting; here you can see two opposite types of channels that are almost identical to each other in terms of structure. First, there was an ascending channel showing a clear uptrend until a turning point where the bears took full control, and we have been in a descending channel since. There is a support level at 0.65644; however, there is potential for a break below this level, as this level is not as strong as the support level below it at 0.64583. The reason for this is that the market may look to test May 2023's low at 0.64583.
There must be a break below 0.65644 for us to potentially retest 0.64583; if not, we can look for buying opportunities just above 0.65644, as the bulls will most likely start to regain control if there is not a support break.
Please remember to like, comment, and follow us, as your support greatly helps us.
BluetonaFX
There is a support break opportunity here on the AUDUSD 4H chart. The price action shown on the 4H chart is very contrasting; here you can see two opposite types of channels that are almost identical to each other in terms of structure. First, there was an ascending channel showing a clear uptrend until a turning point where the bears took full control, and we have been in a descending channel since. There is a support level at 0.65644; however, there is potential for a break below this level, as this level is not as strong as the support level below it at 0.64583. The reason for this is that the market may look to test May 2023's low at 0.64583.
There must be a break below 0.65644 for us to potentially retest 0.64583; if not, we can look for buying opportunities just above 0.65644, as the bulls will most likely start to regain control if there is not a support break.
Please remember to like, comment, and follow us, as your support greatly helps us.
BluetonaFX