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Update

AUDUSD

Good day traders! The chart above shows the price structure of AUD/USD when I covered this trade idea on the 25th of October. There were two long-term channel lines above price at the time which created a price zone between 0.6883 – 0.6950.

My second chart shows where price is trading at today. AUD/USD probably topped out after price found resistance at my upper blue channel line and reversed lower. Price has since dropped below a previous level where resistance turned into support at 0.6810.

Conclusion

There is a good chance that price will test the 0.6778 price level, which is where a center median line and lower median line from two separate pitchforks cross. A break below those lines could drive price lower towards the 0.6727 price level or even the 2nd of October low at 0.6670.

Until next time, happy and safe trading!

Regards

Richard Krugel

by Richard Krugel November 14, 2019
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