AUDUSD has been trading below its 100-day and 200-day moving averages, indicating bearish pressure. However, it has recently broken out of bearish flag pattern. But its currently facing a strong support level as seen on the daily chart:
Upon analyzing the 4-hour chart, we can predict a potential rebound from the current support level to retest the previous resistance level. This level coincides with the 100 and 200 moving averages on the 4-hour chart and the 38.20% Fibonacci level. The analysis would be invalidated if the AUD rises above 0.67100.
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Upon analyzing the 4-hour chart, we can predict a potential rebound from the current support level to retest the previous resistance level. This level coincides with the 100 and 200 moving averages on the 4-hour chart and the 38.20% Fibonacci level. The analysis would be invalidated if the AUD rises above 0.67100.
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Please follow if you're interested in more ideas like this.
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