FX.co ★ torp.paris | AUD/USD

Regarding AUD/USD yesterday, after a slight southern pullback, the price reversed and continued confidently pushing to the north, resulting in the formation of a full bullish candle, which with its northern shadow managed to update the maximum of the previous daily range. Given the current situation, I fully admit that today the upward movement will continue, and in this case, I am planning to focus on holding the resistance level located at 0.65530. Near this resistance level, two scenarios of the situation development are possible. The first priority scenario is related to the formation of a reversal candle and the resumption of the price movement downwards. If this plan is executed, I will wait for the price to return to the support level located at 0.64809. If the price consolidates below this support level, I will expect further southern movement, down to the support level at 0.63623 or to the support level at 0.63386. Near these support levels, I will wait for the formation of a trading setup that will help determine the further trading direction. Of course, I admit that during the price movement towards the designated far southern target, northern pullbacks may form, which I plan to use to search for bearish signals from the nearest resistance levels, expecting the resumption of the price movement downwards within the global bearish trend. An alternative scenario for the price movement when approaching the resistance level at 0.65530 will be a plan with the price consolidating above this level and further northern movement. If this plan is executed, I will wait for the price to advance towards the resistance level located at 0.66347 or the resistance level at 0.66677. Near these resistance levels, I will wait for the formation of a trading setup that will help determine the further trading direction. In general, to put it briefly, for today, I locally admit that the price may continue to push to the north and the nearest resistance level will be tested, and then I will assess the market situation, giving priority to bearish scenarios.