The 200 day
exponential moving average or EMA usually acts as a very good support or
resistance zone. The price will try to bounce from that EMA when it first
touches it. But if the price breaks the EMA, then the momentum may accelerate
in the direction of the breakout. On the daily chart of the AUD/USD we can see
that the price has broken below the 200 day EMA, blue line, around the 0.7478
level. If the bearish momentum continues, then its next support could be the
0.7300 level. To the upside, the 0.7500 level may act as resistance, but the
0.7600 level may act as an even more important resistance.
It found some support at 0.7440.
ReplyDeleteThank you for the assessment.
ReplyDeleteI personally incline more to further decline.
ReplyDeleteGood analysis, as always!
ReplyDeleteGood analysis, as always!
ReplyDeleteThanks for the tips.
ReplyDeleteInteresting analysis!
ReplyDeleteGreat article as always.
ReplyDeleteVery informative article, thanks for sharing!
ReplyDelete