AUDUSD is to make a big decision
AUDUSD closed its trading week at a significant level of support. The price had a bounce earlier at the same level after being very bearish. The pair then got choppy for a while and traded within 0.63650-0.65300. The buyers are to wait for the price to produce a bullish reversal pattern to go long in the pair. The price may find its resistance around 0.65300. A bullish breakout at that level may push the price towards the North further.
On the other hand, the sellers may wait for the price to make a bearish breakout at 0.63650 followed by breakout confirmation and a bearish reversal candle to go short in the pair. The price may find its next support around 0.60300.
The chart shows that the Bear has more space to travel towards the South. The question is whether it makes a breakout at the key level or not. Let us wait and watch for the price action around the level to find its next direction.
On the other hand, the sellers may wait for the price to make a bearish breakout at 0.63650 followed by breakout confirmation and a bearish reversal candle to go short in the pair. The price may find its next support around 0.60300.
The chart shows that the Bear has more space to travel towards the South. The question is whether it makes a breakout at the key level or not. Let us wait and watch for the price action around the level to find its next direction.
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