AUDUSD 4hour Analysis June 7th, 2020
AUDUSD Long idea
From the sheer volume this pair has been showing we have a strong possibility that price action will reach the -27% fib level and major monthly resistance around 0.70800 before showing signs of a reversal
The blue arrow represents the trade path where bullish volume continues and price action gets pushed higher
The orange arrow represents a reversal from the current area and sends price action into a retracement toward our 0.67500 structure zone which is also our 61.8% fib level
From the sheer volume this pair has been showing we have a strong possibility that price action will reach the -27% fib level and major monthly resistance around 0.70800 before showing signs of a reversal
The blue arrow represents the trade path where bullish volume continues and price action gets pushed higher
The orange arrow represents a reversal from the current area and sends price action into a retracement toward our 0.67500 structure zone which is also our 61.8% fib level
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