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AUD/USD Through Daily Resistance Zone + Retesting

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@forexbrokr
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Direct from the desk of Dane Williams.


After AUD/USD traded sideways along resistance for what seemed like an eternity, more recent price action has certainly been much more appealing.

It's been a while since we last spoke about the Aussie, so if you're new to the blog and don't have the resistance zone I'm referring to on your chart, click the link above to follow the narrative back, or just take a look ake a look at the current daily chart below.

AUD/USD Daily:

You can see that price finally pushed through resistance, printing a new high thanks to a momentum move that closed well above on the daily.

After a few days above the zone, price then pulled back to retest previous resistnace, this time as support.

Something that you can clearly see on the intraday, Aussie hourly chart below.

AUD/USD Hourly:

What's really interesting here, is that price never actually pulled back far enought o dip back below our higher time frame zone.

I've marked the two times that price retested the zone as support, loving the way we pinged higher both times.

As for an entry using my support/resistance trading strategy, price frustratingly didn't pull back low enough to trigger my pending order.

I know some of the more aggressive traders in our group managed to jag it though.

We can't complain too much when price gives you two chances.

Best of probabilities to you,

Dane.


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