AUDUSD Testing the 1W MA200
AUDUSD is testing the MA200 on the 1W time-frame (orange trend-line). Since the pair is coming off a Lower Highs rejection following the impressive rally since the March 2020 "COVID" bottom, the sequence displays many similarities to the last major rally off a bottom back in the aftermath of the 2008/2009 Mortgage Crisis.
As you see on the chart, following the October 2008 bottom, after a 1W Golden Cross, the price got rejected on the Lower Highs trend-line and pulled-back. It did find Support however just below the 1W MA200.
Today the situation seems quite similar. The 1W Golden Cross of early April formed a top on the Lower Highs trend-line and the price is currently testing the 1W MA200. Since the RSI is near the Symmetrical low trend-line of the 2010 bottom, it is very possible to find a Support around the current levels. A fair target zone is the 1.236 - 1.382 Fibonacci extension levels, which was where AUDUSD peaked in July 2011.
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As you see on the chart, following the October 2008 bottom, after a 1W Golden Cross, the price got rejected on the Lower Highs trend-line and pulled-back. It did find Support however just below the 1W MA200.
Today the situation seems quite similar. The 1W Golden Cross of early April formed a top on the Lower Highs trend-line and the price is currently testing the 1W MA200. Since the RSI is near the Symmetrical low trend-line of the 2010 bottom, it is very possible to find a Support around the current levels. A fair target zone is the 1.236 - 1.382 Fibonacci extension levels, which was where AUDUSD peaked in July 2011.
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
--------------------------------------------------------------------------------------------------------
!! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !!
🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> CryptoCreatin
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