What can you expect:
- Market to continue it's upward short-term trend by breaking the previous high ( Blue dotted line)
- Market to trend longer by breaking the pink area
- Market to also retrace around that area after breaking out to prove that it is not a false breakout or an impulse move due to low liquidity
- Market to continue to trend downwards
- Market to break the previous low
- Or market to retrace from the pink level and break the green area
- Market still have to test the red low before retracing and confirming a direction
Market looks consolidated now but there are still signs of a specific short-term direction but confirmation for a long term direction have no yet been set in place for the Aussiedollar! Nonetheless, be wit in the direction you are ready to trade!
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