AUD/USD Has Broken Its Upward Channel
AvaTrade | Nov 26, 2015 04:52AM ET
The AUD/USD pair has broken its upward channel on a 60 minute time frame. Given that the price has broken the lower line of this channel, which as acting as an upward trend line ,it gives us a confirmation that the upward trend is no longer in play. The price has broken its 50 day moving average (shown in yellow color) and it is trading near the 100 day moving average (shown in red color). If we break below the 200 day moving average it will confirm that the bears are in strong control of the price and the bias remains towards the downside.
The RSI and MACD indicators are trading in line with the price action which translates that the momentum is behind the price.
Important Zones
0.7160-0.7149 Support Zone
0.7.05-0.7293 Resistance Zone
Disclosure and Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam
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