AUDUSD at the end of March breaks the downtrend and forms a triangle, the resistance of which was the strong level of 0.67400. But false breakdowns are forming against the lines of the figure. What's next?
On the chart the market maker forms a trap - a false breakdown of resistance and an attempt to break the level of support. After the liquidity is captured, the price can continue its movement in one direction or the other.
If the price makes it back to the rising support, the currency pair will move towards the resistance and continue growing towards 0.69500, but if the price breaks the support, it will fall towards 0.65700.
Strong resistances: 0.67250, 0.6930
Strong support levels: 0.6650 (breakthrough strategy), 0.6560
Still I mostly expect the retest of the resistance at 0.67250 with the subsequent breakthrough and growth to the key liquidity area.
On the chart the market maker forms a trap - a false breakdown of resistance and an attempt to break the level of support. After the liquidity is captured, the price can continue its movement in one direction or the other.
If the price makes it back to the rising support, the currency pair will move towards the resistance and continue growing towards 0.69500, but if the price breaks the support, it will fall towards 0.65700.
Strong resistances: 0.67250, 0.6930
Strong support levels: 0.6650 (breakthrough strategy), 0.6560
Still I mostly expect the retest of the resistance at 0.67250 with the subsequent breakthrough and growth to the key liquidity area.
