The Australian Dollar is in route to challenge a breakout from its long standing downward momentum. Currently riding on an up-channel, the current price point sits at the bottom of the trend line + both 50 & 200 EMAs are immediately below; indicating additional support.
As observed on the 15M chart, after touching the bottom of the trend line, the price point reverted upwards and is currently awaiting the accumulation process to finalize.
Seen fighting to get above the 50 EMA on the 12H chart:
I'm looking for price to reach 77.000 before retracing. This could turn out to be a long move.
As observed on the 15M chart, after touching the bottom of the trend line, the price point reverted upwards and is currently awaiting the accumulation process to finalize.
Seen fighting to get above the 50 EMA on the 12H chart:
I'm looking for price to reach 77.000 before retracing. This could turn out to be a long move.