By Admiral Markets
Source: Admiral Markets MT5 with MT5SE Add-on
The AUD/USD has formed a bearish M pattern on a Weekly time frame which suggests the bearish continuation. In intraday timeframe, the price is progressing further down, and 0.7400-10 could reject the price. The huge intraday trend line holds the trend in place. The target is 0.7360. Below the 0.7360 – targets are 0.7347 and 0.7328.W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
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D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.
Article by Admiral Markets
Source: AUD/USD Bearish Trend Resumes as Weekly Support is Compromised
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