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AudUsd: Bearish Pressure!


Monthly Timeframe:


Weekly Timeframe:


Daily Timeframe:

 

Monthly time frame: Reading price action we can see that price is ranging between our .70000 & .67000 key monthly psychological zone. Though, last months closure engulfed every candle in this zone showing signs of bearish pressure after the retest of our .70000 resistance area.


Weekly time frame: Scaling down we can see price testing .67000 a key psychological support zone. Last time price was at this area was in August. Continuing to read price action we can see how last weeks close was also bearish.


Daily time frame: Testing support and if we maintain above this zone we can look for buying opportunities to .68000 key psych. Though if price manages to break and close below .67000 we can anticipate shorts to .65500.


If we are looking to enter longs we still have to wait for some reversal formations preferably the higher time frame. If price breaks this support zone look for shorts.


 

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