• Nov 6, 2024
  • Trade ideas

AUDUSD: Trendline Support

AUDUSD, Daily

AUDUSDDaily.png

In the Daily timeframe, AUDUSD is on the decline, facing the trendline at the critical 0.6570 support level.

The MACD histogram crosses the signal line upwards, giving a potential bullish sentiment for the asset.

  • If the price bounces from the 0.6570 support, it will rise to 0.6640 and 0.6700 resistance.
  • However, if GBPUSD breaks below the trendline, the asset may fall to 0.6490 and even 0.6400 support.
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Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Timur Yurdagyul