AUDUSD is finally reaching a prominent key structure level. A level that acted as support and resistance during the 2008/2009 period. It also marks a prominent July 2003 high, which later became the 2004 low.
A break low of this level could certainly indicate more pressure to SELL.
The current channel that this pair is in, however, could change my bias if price broke above the top trend line. I would need more points of confluence, however, to change my bias to LONG.
For the time being, I will be looking for opportunities to SELL.
A break low of this level could certainly indicate more pressure to SELL.
The current channel that this pair is in, however, could change my bias if price broke above the top trend line. I would need more points of confluence, however, to change my bias to LONG.
For the time being, I will be looking for opportunities to SELL.
