AUDUSD: Key Levels

11 Des 2020

AUDUSD is trading in a sharp bullish trend.
I know that many traders are looking for a pullback because the pair is way overbought.
However, be very careful.

Here are the closest key levels that I identified on a weekly chart:

Support 1 - 0.73 - 0.745 (based on a local year's daily high and 2015th - 2018th price action)

Resistance 1 - 0.77 - 0.78 (based on 2016th-2017th price action)
Resistance 2 - 0.81 (based on 2015th - 2018th price action)

As you can see current spot prices are way too far from identified key levels.
I would recommend to stay away from trading AUDUSD until the underlined key levels are reached.