InvestMate 🦘 AUD/USD Important Support Zone 🦘

🦘 AUD/USD Important Support Zone

🦘 Nearest strong support zone: around recent lows.

🦘 Nearest strong resistance zone: around the 0.382 fibo level of the upward wave.

🦘 Technical environment:

📊 Moving averages: 50/50.

📊 MACD: Uptrend

📊 RSI: Uptrend

🦘 Price Action: In the current post I wanted to introduce you to an interesting support zone on the AUD/USD pair which, like the rest of the currency pairs with the dollar, scored a strong price slide in recent days. It looks like the currently started downward wave may become a bit longer and take on a deeper character, hence on the chart I have marked for you a very likely place to end the current downward wave. This place has played a key role many times in the past. It is a cluster of two fibo levels. The first is the 0.5 level of the upward wave and the 0.382 level of the current upward wave. This is a cluster of two fibo levels located close to each other which only increases the probability of a price reaction at this level. For this reason, I encourage you to watch this level in the coming weeks.

📉 The scenario I'm playing out is a continuation of price declines over the coming weeks. I don't exclude the possibility of changing the scenario if the market situation changes abruptly. I'm aware of the possibility of a correction at any time, this should be taken into account, If the outlook changes I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully.

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