19/05 AUDUSD falls back below 0.8000


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AUDUSD falls back below 0.8000 as candles now seek to retrace towards levels of 0.79. Overall trend direction continues to remain bullish given the upward sloping moving averages. Candles now lie just below 0.8000 where we may see a reversal where candles may continue on the bullish run towards 0.82. However, should candles continue to fall, we may see prices fall towards 0.7900 today.

 

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Observing the H4 chart, candles now lie just above the upward sloping trend line connecting the lows of the bullish run. Candles start to show signs of support where we may see a continuation of an uptrend. However, the price region between 0.8016 and 0.8062 could pose as a possible resistance and traders should be patient and wait for a confirmation of a continuation of the uptrend. Although stochastic oscillator continues to lie in the oversold region, there is no indication of a weakening selling action in the market. Additionally, current bearish momentum on the H4 chart continues to remain strong as observed by the increasing number of bearish candles.

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Focusing on the hourly chart, candles have shown a reversal of the bearish run and candles are looking to once again break above 0.8000. However, if candles fail to break above 0.8062, we may see a further continuation of the bearish run and candles are bound to break below the uptrend line.

 

Trend Direction
 
S2
S1
R1
R2
 
Bullish 0.7880 0.7960 0.8062 0.8137

 

 

 

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