Here we have AUDUSD on the Daily time frame. As you can see this past week we had a clear breakout of a very strong downtrend and found resistance around the 0.73 region which is also around quarter level 0.725.
I see price action returning to the 0.71125 area which would fall between a 61% and a 71% retracement of the previous weeks up move. That price point also marks the halfway point between quarter point 0.70 and quarter point 0.725.
We will monitor price and make the necessary decisions on what to do as time plays out.
Trade at your own risk. I am not qualified to give investment advice.
Happy trading! :)
~TraderTrev
I see price action returning to the 0.71125 area which would fall between a 61% and a 71% retracement of the previous weeks up move. That price point also marks the halfway point between quarter point 0.70 and quarter point 0.725.
We will monitor price and make the necessary decisions on what to do as time plays out.
Trade at your own risk. I am not qualified to give investment advice.
Happy trading! :)
~TraderTrev