Cabana Capitals Blog Technical Analysis Will AUDUSD have enough momentum to break support?

Will AUDUSD have enough momentum to break support?

Will AUDUSD have enough momentum to break support? post thumbnail image

AUDUSD was identified at around 0.67117 having recently rebounded of the resistance on the 1 hour data interval. Ultimately, the price action of the stock has formed a Channel Down pattern. This squeeze may increases the chances of a strong breakout. The projected movement will potentially take the price to around the 0.6682 level.

Supported by Downward sloping Moving Average

Target: 0.6682 Entry: 0.6712 Stop: 0.6733

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