Forex Chart Of The Day: AUDUSD Testing 0.7100 : What Next?

The price of AUDUSD price has reached the resistance of 0.7100, what could happen next for the forex pair?

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AUDUSD Tests 0.7100: What Next?

The Australian dollar against the US dollar (AUDUSD) has reached a key high of 0.7100. The last time the price was at this level, it fell over 900 pips. This could be an area where buyers take profit on their long positions, which could cause a sell-off.

When the price reaches these types of levels, it’s important to look for opportunities on the lower time frames such as the H1 chart. If the H1 chart begins to form new lows, it could signal a change of trend and a short opportunity. Traders should be aware of this potential development and keep an eye on the H1 chart for any signs of a trend change.

Overall, traders should be cautious when approaching the AUDUSD at these levels as it could signal a potential sell-off. Keep an eye on the H1 chart for any signs of a trend change and be prepared to take advantage of any opportunities that may arise.

Have you watched our USDJPY analysis? You can see it here. 

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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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