AUD/USD has been trying to break higher for an extended period but without any chance. From April until today, all rallies’ attempts have faded as shown on the daily chart.
AUD/USD: pair to test nearest support
2019-11-11 • Updated
There's a 'Triple Top', which has been confirmed by the last 'Pennant' and 'Flag' patterns, so the price broke all the Moving Averages. It's likely that the market is going to test the nearest support at 0.7096 - 0.7086 by the local uptrend line. The subsequent pullback from this level could lead to the beginning of an upward correction towards the closest resistance at 0.7131 and the 89 Moving Average.
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.
The views here are solely based on Technical Analysis techniques using my personal Smart Money approach. Hence, it is important to understand that the trading of CFDs comes at a risk; if not properly managed, you may lose all of your trading capital. To avoid costly mistakes while you look to trade these opportunities, be sure to do your own due diligence and manage your risk appropriately.