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AUDUSD - A reversal set-up. Rebound before the fall

FOREX forecast
💡Ideas For AUDUSD 🇦🇺🇺🇸

📈 A reversal set-up. Rebound before the fall

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AUDUSD is breaking the bullish market structure amid the counter-trend dollar correction related to fundamentals. The currency pair is bumping into a strong liquidity area..

It will be difficult to pass the zone 0.6695 from the first time, because below this area there is a zone of high density of limit orders. Accordingly, as a reaction we see a false break of the support at 0.6699 (H4) and a rebound. Earlier there was a change of market character to bearish, rebound from the support may lead to recovery to 0.5-0.7 Fibo, from which further decline may resume to the key support from which 2 scenarios may develop. In a weak market the movement may continue, but if the general background starts to change (the dollar is in a bear market) the currency pair may start a recovery phase.

Resistance levels: 0.674, 0.676

Support levels: 0.6699, 0.6686

Technically, we are waiting for a pullback to the specified zone (0.5 - 0.7 Fibo), further it is worth watching the price reaction to the specified zones. A price retest of the support will increase the chances of a breakout and further decline, but strong bulls may continue to resist the bears, which may lead to growth