The
Australian Dollar versus the Greenback has found a good support around the
0.7800 level during the last 4 hour candles. The price is currently visiting
the 55 exponential moving average and it could try to break it to the upside.
However, the 55 EMA has proven to be a good dynamic resistance for the AUD/USD
on the 4 hour chart. If a breakout does happen, then a visit to the 0.7900
level is possible. Attention to a possible bounce to the downside from the 0.7900
level, because the zone was a good support in the past and now it may act as
resistance.
Good point. I'll keep a close eye on it.
ReplyDeleteIt looks like it bounced.
ReplyDeleteVery good analysis, I'll keep an eye to see if it bounces.
ReplyDeleteVery useful information! Thanks.
ReplyDeletegreat analysis
ReplyDelete