Trend reversal is about to start!
Today there will not be and special fundamental news on AUD but Fed Chair Powell Speaks is about to take place in The United States. On the chart, price line could break the ascending trendline and now is about to have a retest of the broken trend line.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
AUD started to lose power against USD since 10th of may; and now is trying to cover the loss. The descending trendline was broken at 31st of August, the price rose up to 0.7478 on 3rd of September; from there, another descending wave started and after a retest of the broken trendline, rose above the descending channel again. Right now the price is at about 0.7275 and the overall look of the chart is bullish, buyers can be waiting for a retest of the descending trendline and then can expect a bullish step to happen. an important support level is at 0.722 – 0.725. The next resistance level is at 0.739 – 0.74 . cutting back inside the trendline can be a sign of continuing descending wave.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.