The AUD/USD made a break below the 21 ema after a lengthy ride above it. Price is now testing that 21 ema zone as a resistance. Will price break or bounce?
Price Charts and Technical Analysis
The AUD/USD showed a strong bearish daily candle yesterday. But overall, the long-term trend remains bullish and eventually a bullish breakout is expected. If price action does break below bottom (blue box), then a push lower to test those long-term MAs (second blue box) is likely. We do expect a bullish bounce there. A break below that zone would make the bullish outlook less likely (red x). Otherwise a wave 4 (purple) remains the key pattern for the moment and a breakout increases the chance of a wave 5.
The 4 hour chart has seen multiple lower lows and lower highs. Price will first need to confirm a higher low before a reversal back up becomes probable. A breakout above the resistance box (orange) and trend lines (purple) would solidify the control of the bulls. The main question remains whether price is developing an ABC or 123 wave pattern but this will depend on how far price pushes up. A push into the red circle is typical for a wave C whereas a move above that makes a wave 3 more likely.
Reprinted from Fxempire，the copyright all reserved by the original author.
면책 조항: 본 게시글에 표현된 견해는 전적으로 작성자의 견해이며 Followme의 공식 입장을 대변하지 않습니다. Followme는 제공된 정보의 정확성, 완전성 또는 신뢰성에 대해 책임을 지지 않으며, 서면으로 명시적으로 언급되지 않는 한 해당 내용을 기반으로 취해진 어떠한 조치에 대해서도 책임을 지지 않습니다.
더 오래된 의견은 없습니다. 소파를 가장 먼저 잡으십시오.