AUDUSD has recently shown a strong bullish impulse but is now rejecting from a key top resistance zone, forming what appears to be a rebound top pattern. Price action remains within an upward channel, suggesting the broader trend still holds upward potential, but a correction may be in play.
Technical Outlook:
If the price fails to stay above 0.90010, we expect a pullback toward the first support at 0.89400, followed by a possible drop to the secondary support near 0.89100.
These levels may act as demand zones, and if they hold, the bullish trend could resume, with buyers stepping back in.
Conclusion:
While the overall trend remains bullish within the upward channel, a short-term correction appears likely if 0.90010 fails to hold. Traders should monitor support zones closely for a potential bullish continuation setup.
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Technical Outlook:
If the price fails to stay above 0.90010, we expect a pullback toward the first support at 0.89400, followed by a possible drop to the secondary support near 0.89100.
These levels may act as demand zones, and if they hold, the bullish trend could resume, with buyers stepping back in.
Conclusion:
While the overall trend remains bullish within the upward channel, a short-term correction appears likely if 0.90010 fails to hold. Traders should monitor support zones closely for a potential bullish continuation setup.
If You Like this idea i you have on Opinion about this analysis share in comments Thanks for Supporting.
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✅Join my Telegram Channel
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.