AUDUSD Daily Analysis - Tuesday, July 25

macbook pro on black table

Image Source: Unsplash
 

AUDUSD has been staying below a falling trend line on the 4-hour chart, indicating that the downtrend from 0.6894 is still in place. As long as the trend line resistance holds, the downside move could be expected to continue, with the next target being the 0.6660 area.

However, if the price were to break out of the trend line resistance, it could rebound back toward the 0.6846 level. If the price manages to rise above this level, it would confirm that the downside move has already completed at 0.6714 and another rise towards the previous high of 0.6894 could be seen.


More By This Author:

USDCAD Daily Analysis - Tuesday, July 25
USDCAD Daily Analysis - Monday, July 24
GBPUSD Daily Analysis - Friday, July 21

Disclaimer: Futures, options, stocks, ETFs and over the counter foreign exchange products may involve substantial risk and may not be suitable for all investors. Leverage can work against you as ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.
Or Sign in with