My previous AUDUSD analysis suggested the Aussie will create a bullish opportunity near 0.7 - An aggressive C entry (bullish) for a potential 3 Drives pattern that will compete near 0.74.
Last week, AUDUSD rallied 150 pips from the entry zone and reached first target level of the bullish setup - 0.715. This is a resistance zone that includes the following: - Downtrend line - Broken uptrend line - The 4H 200 SMA line - Minor structure zone
This week, this zone will be tested: Bearish scenario - Downtrend continues and AUDUSD declines back towards 0.7 Bullish scenario - Price climbs above 0.715, return back to the uptrend line and breakout of the downtrend line - Creating bullish signal that it intends to rally higher and possibly complete the 3 Drives pattern.
Nearest support - 0.71, 0.7 Nearest resistance - 0.715, 0.72, 0.725 and 0.74
Tomer, The MarketZone This analysis is part of the Weekly Markets Analysis newsletters To read more interesting technical reviews for the week- goo.gl/TFUjbZ To subscribe to the newsletters - goo.gl/JfOLoR
Kommentar
⋅
Great progress last week as Aussie broke out of its downtrend. Price is testing structure now. A close above 0.725 will probably lead to 0.74. Read more goo.gl/OqxESa