AUDUSD: Is the 0.6580 Support Tested Enough?

asked by u/marie_n · 7d · 1 answers

I've been watching $AUDUSD closely, especially after the last CPI print didn't really give it much lift. The 0.6580 area has held as support multiple times over the past few weeks, which technically makes it a zone of interest. My question is, how many times can a support level be tested before it gives way? I'm seeing a bit of a descending triangle form on the daily, with that 0.6580 acting as the base. If we get a clear break below that, I think we could see a quick move down towards 0.6500, maybe even 0.6480. The invalidation for this scenario, for me, would be a strong close above 0.6620, which would suggest the sellers are losing conviction around this key support. Just curious what others are seeing here.

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  • u/thanawat93· 1 pts· 7d

    That's a good point about support levels being tested too often. While 0.6580 has held, a descending triangle on the daily could be a bearish signal, even with that support. Are you seeing increasing volume on those tests, or is it tapering off?