Forex Update: AUDUSD holds trend but resistance stands in the way
Hi traders Happy New Year! Today’s we’re looking at the AUDUSD as buyers look to be moving back to resistance that’s so far has held the current trend back from new higher highs.
Since the last LL set in early December 2021, we have seen a series of new HLs and HHs creating the current fightback trend. We saw a shockwave session on the third that looked like it could derail the trend but for the last two sessions, buyers have come back into the market.
The area of concern sits at 7275 down to 7260. This area not only has developed into supply but it also has a resistance that runs back to November 2021. For the current trend to continue we want to see buyers break above this level and hold a close to show that a new HH has been formed and the pattern of trend continues.
* The information provided on this page are the opinions of the author and do not necessarily reflect the opinions of Eightcap and are not endorsed by Eightcap.
Any person acting on the information presented on this page does so entirely at their own risk. No representation or warranty is given as to the accuracy or completeness of this information. Any research provided does not have regard to any specific investment objectives, financial situation and needs of any specific person who may receive it.
Margin trading involves a high level of risk and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with Eightcap, and seek independent advice if necessary.