AUDUSD Daily S/R| 200MA| .618 Fibonacci| Price Action

3. Nov. 2020Evening Traders,

Today’s Analysis – AUDUSD – price action impulse above local S/R where a back test is probable to confirm support.

Points to consider,
- Price Action Impulse
- Local S/R Support (.382 and 200 MA)
- Daily S/R Resistance
- Oscillators extended
- Volume Increasing

AUDUSD’s immediate price action is bullish above Local S/R, this allows us to have a bullish bias on the market.

Local S/R is immediate support that is in confluence with the .382 Fibonacci and 200 MA, a bounce here is probable on first attempt.

Daily S/R is current resistance that needs to be breached for trend continuation, failure will be bearish.

Both oscillators are over-extended; a reversion to their mean is likely, remaining mainlining in their bullish control zones is critical.

Immediate volume is below average, an influx is needed for trend continuation, epically when testing key trade locations,

Overall, in my opinion, AUDUSD is a valid long with defined risk; price action is to be used upon discretion/ management.

Hope this analysis helps!

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And remember!
The market can stay irrational longer than you can stay solvent. - John Maynard Keynes