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AUD USD holding itself at Crucial Support.
Long Term Analysis of AUD USD.
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Long Term Analysis of AUD USD.
As evident from the chart above, AUD USD is forming a Multi - Year Falling Wedge both in Price as well as in RSI.
One should ideally look for Buy / Sell, trades whenever price approaches Support / Resistance zones and if at the same time RSI also reaches its Trendlines top / bottom.
Price action at those POC's will lead to High Probability Profit trades at those POLR's.
Currently AUD USD is holding itself at a crucial monthly support ( See the pic1 above. )
A BO below can lead to further fall in Price and the Australian Dollar can fall till the Multi Year Horizontal Support. Though, the position of RSI shall be very important at that time, but if prices still fall, then it can continue the down trend & AUD could find next support at the lower trend line of the Multi Year Falling Wedge in Price.
As evident from the RSI and ADX formations in Pic2, the overall trend of AUD USD, continues to remain sideways, with price range .7500 - .8200.
A BO above or below this price range can lead to higher volatility. But for the Bias to be on the upside, price needs to give a valid BO above the upper trend line of the Multi Year Wedge in price. Till then one should combine Price Action with other tools acting as a conformation to price and trade for the price targets formed within the above mentioned range.
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