🦘 AUD/USD Ready to Break Out 🦘

🦘 AUD/USD Ready to Break Out

🦘 Nearest strong support zone: around 0.67 level 0.382 fibo of the entire downward wave.

🦘 Nearest strong resistance zone: around 0.69 level 0.5 fibo of the entire downward wave.

🦘 Technical environment:
- Moving averages: Uptrend
- MACD: Uptrend
- RSI: Uptrend

🦘 Price action: AUD/USD does not give up, every attempt to beat the price ends with a very quick buying reaction, we have repeatedly tested the support zone marked on the chart and each time sooner or later the price returned to continue the uptrend. Looking at the bigger picture, it looks to me that after the October bottom we have currently formed a very strong uptrend. On which the occurrence of any deeper correction borders on a miracle. The Australian dollar stands out very positively against other currencies, we have a repeat of 2020 in which, after the covid low, capital from the US dollar migrated to smaller currencies such as the Australian dollar. In my opinion, there is a good chance for a continuation of the uptrend and a breakthrough of the support zone we are currently at.

🦘 The scenario I am playing out is a continuation of the uptrend given the local resistance that lies ahead. 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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