Considering a potential strong reversal on the AUDUSD as the price found strong support at the 0.6625 price level.
In a similar move, on 24th March, when the AUDUSD failed to break below the support level, the price rebounded strongly to the upside, trading up to the 0.68 resistance level.
Now that the AUDUSD has broken over the 23.6% fib retracement level and the downward trendline, this could indicate further upside potential.
The main area of concern is the shadows on the previous few candles showing some resistance.
However, anticipating further DXY weakness, the AUDUSD could close above the 38.20% fib level and 0.6690 price level, to signal further upside with the immediate resistance at 0.6725 and beyond that 0.68
In a similar move, on 24th March, when the AUDUSD failed to break below the support level, the price rebounded strongly to the upside, trading up to the 0.68 resistance level.
Now that the AUDUSD has broken over the 23.6% fib retracement level and the downward trendline, this could indicate further upside potential.
The main area of concern is the shadows on the previous few candles showing some resistance.
However, anticipating further DXY weakness, the AUDUSD could close above the 38.20% fib level and 0.6690 price level, to signal further upside with the immediate resistance at 0.6725 and beyond that 0.68
