Trend line was broken but quickly rebounded

The AUDUSD has moved lower today after a run higher into the close and Asian session, ran into the underside of a broken trend line and rotated lower (see blue numbered circles).  

The push lower moved to test another trend line (this one an upward sloping line – see red numbered circles – after falling below the converged 100/200 hour MAs. The price did fall below that trend line, but buyers quickly came in and are now pushing the price back higher.

So the pair sits between a lower, upward sloping trend line at 0.77257 and a higher, downward sloping trend line at 0.7771.  The price is currently between those levels at 0.7750. 

A battle is on.

For bank trade ideas, check out eFX Plus



Source link

×