AUDUSD | Key Level | Pivot Point | Range Resistance
Today's analysis – AUDUSD – Trading at a key level as range resistance and dynamic support converge.
Points to consider:
- Pivot Point (key level)
- 21 EMA (dynamic support)
- Oscillators above 50
AUSUSD trading at a pivotal point in the chart, re-testing range resistance. A breakthrough failure will validate a short with range median as the immediate target. Body candle closes above range resistance validates a long trade to structural resistance.
Price action respecting the 21 EMA has allowed it to act as a visual guide. Further price development as it breaks in either direction will allow the MA to act as dynamic support/resistance assisting in trade management.
Both, RSI and Stochastics are ranging above 50, a sign of strength and momentum in the immediate market.
Overall, in my opinion, further price development will allow for directional bias, validate a trade in either direction.
If you’ve read this far - thank you for following my work!
And as always,
Focus on you, and the money will too!
Points to consider:
- Pivot Point (key level)
- 21 EMA (dynamic support)
- Oscillators above 50
AUSUSD trading at a pivotal point in the chart, re-testing range resistance. A breakthrough failure will validate a short with range median as the immediate target. Body candle closes above range resistance validates a long trade to structural resistance.
Price action respecting the 21 EMA has allowed it to act as a visual guide. Further price development as it breaks in either direction will allow the MA to act as dynamic support/resistance assisting in trade management.
Both, RSI and Stochastics are ranging above 50, a sign of strength and momentum in the immediate market.
Overall, in my opinion, further price development will allow for directional bias, validate a trade in either direction.
If you’ve read this far - thank you for following my work!
And as always,
Focus on you, and the money will too!
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