Long

AUDUSD Weekly S/R| .618 Fibonacci| Price Action| Trend

Evening Traders,

Today’s analysis – AUDUSD – trading at a key support region where a bounce is possible,

Points to consider,
- Price Action Corrective
- Weekly S/R Support
- .618 Fibonacci
- RSI Oversold

AUDUSD’s immediate price action is corrective and is approaching a key resistance zone that has the .618 Fibonacci and the Weekly S/R in confluence, allowing for a bullish bias.

The current RSI is in oversold conditions, this signifies over-extension where a mean reversion is likely to occur.

Overall, AUDUSD is a valid long with defined risk, price action is to be used upon discretion/ management.

Hope this analysis helps,

Thank you for following my work

And remember,

“If you can learn to create a state of mind that is not affected by the market’s behaviour, the struggle will cease to exist.” – Mark Douglas

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