What’s next for AUDUSD? 🤔
From a daily perspective we’ve seen a massive bullish rally since price action has rounded out the bottom at our weekly support level (0.7225). At this time of writing however, we are now on the opposite side of the previous consolidation zone where price action broke out of a 115 pip range, plummeting through our support level which is now resistance @ the 0.7325 level. The overall bias is heavily bearish on this pair but we’ve yet to receive the desired retracement that aligns with our strategy. I’ll be patient until then else price action says otherwise.
Audusd weekly outlook: #audusd#forex .
Seen that we’ve broken above our minor resistance level of 0.7450 to the left and created a new HH from a short term perspective, im now expecting a retrace back to my grey zone to create a higher low to continue going back to our overall target of 0.7500. Im also favoring price heading back to the 0.7550 level before creating that new downleg push. This medium term bullish bias comes from the fact that we’ve seen price made a massive slow down in selling pressure as price has failed to break below our previous weekly support level on many occasions and from a weekly perspective we can clearly see a lot of sellers exhaustion plus a moving average cross on the daily timeframe.