AUDUSD multiple options

2018年8月5日

It looks like we are going to see some bullish momentum over the coming weeks for this pair, it seems like the price has touched the support level and lost most of its pushing momentum. This shows that the price is not looking strong enough to break through this critical support level, if this support level holds then this would mean the price is going to move up from here, as we have saw before I believe the price could make its way up to the previous high (black) around 0.809. There is also another possibility, there is a chance as a double top has formed in the channel that the price is going to test the neckline (red) and if it bounces we could see the price breakout the bottom of the channel. I would update this post once I have got more information to share about the future direction of this currency pair.