Trading Scenario: As we look into AUDUSD, it has made a low of 0.8914. It has holded the support level at 0.8926 which we mentioned in earlier post and bounced of that and now currently testing key resistance at 0.9030 and trading below that.
AUDUSD is now being traded in a critical region of 0.9000 to 0.9030 . If AUDUSD is not able to break 0.9030 and breaks below 0.9000, it will find selling pressure targeting 0.8925, 0.8850 followed b 0.8750
AUDUSD has breached our weekly trend reversal level so we will be cautious on taking any trades on this pair, until we get this weekly closing. We will recommend to be conservative in taking any of the trade on this pair as well.
Entry Strategy: Selling rallies in downtrend at our suggested resistance levels.
Trade Suggestion: If price is able to hold below and reverse at 0.9030 , look to sell targeting 0.8925, 0.8850 followed b 0.8750.
Alternate Trade Suggestion: If price is able to reach 0.9100 to 0.9060 region and reverses, look to sell targeting 0.9000, 0.8925, 0.8850 followed by 0.8750.
Trend Direction: Bearish.
Key Support Levels: 0.8926, 0.8855, 0.8760, 0.8660.
Key Resistance Levels: 0.9030, 0.9065, 0.9100, 0.9150