Keep Your Eyes on AUD/USD
Here's the 4hr chart of AUD/USD. At present, AUD/USD is moving upwards. And it has crossed the dynamic resistance trendline. Rightnow, it's maintaining a shortfall to get back to the position between the dynamic support and the resistance trendline. To make it easy to understand, I have used indicators - DMI, Supertrend.
Let's see what indicators are telling about the trend of AUD/USD.
DMI: +DI is above -DI, and ADX is 25, means an uptrend.
If the trend decreases and crosses the dynamic resistance trendline, then it will see 0.7476. After that, if AUD/USD falls and breaks the major support, it will knock 0.7416.
But if AUD/USD takes a reversal from the dynamic resistance, then it will touch the following levels 0.7560 - 0.7586.
Let's see what indicators are telling about the trend of AUD/USD.
DMI: +DI is above -DI, and ADX is 25, means an uptrend.
If the trend decreases and crosses the dynamic resistance trendline, then it will see 0.7476. After that, if AUD/USD falls and breaks the major support, it will knock 0.7416.
But if AUD/USD takes a reversal from the dynamic resistance, then it will touch the following levels 0.7560 - 0.7586.
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