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R.Linda Trading - forecast

Trading signal for AUDUSD → Breaking support to continue the fall

2023-04-26 09:07 FOREX forecast

AUDUSD forms on the background of the downtrend an attempt to change the trend, globally this pattern looks like a "flag" - the essence of which is the continuation of the movement after the consolidation.

The currency pair breaks the support of the pattern and descends to the key support area at 0.65750. Strong support is quite capable of pushing back the price for a possible retest of the previously broken channel.

In the medium term, the decline may continue.

Strong support: 0.65750, 0.65700

Strong resistance: Lower boundary of ascending channel, the level of 0.667

I expect a pullback from support to strong resistance, but in the midterm perspective I would expect continuation of falling, followed by breakdown of support and downward movement to 0.65000.

R. Linda

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