AUD is going to be one to watch this week.
Whilst the past week has shown strength in the AUD, the end of the week has shown and interesting pattern - getting ready for 2 scenarios. Because of the weak volume at the end of the week, the data is too choppy to make a definitive call either way.
1: Short - .706
- Price broke the 60min channel last in the week with it moving back up to make support become resistance for the close. IF this pattern comes true, price will move down to the previous support .706 area.
2: Long - .726
- Price has showed strong bullish evidence this week for the AUD and started to break through the descending channel before pulling back. If price continues its bullish move, we can see the next major resistance is around the .726 level.
Whilst the past week has shown strength in the AUD, the end of the week has shown and interesting pattern - getting ready for 2 scenarios. Because of the weak volume at the end of the week, the data is too choppy to make a definitive call either way.
1: Short - .706
- Price broke the 60min channel last in the week with it moving back up to make support become resistance for the close. IF this pattern comes true, price will move down to the previous support .706 area.
2: Long - .726
- Price has showed strong bullish evidence this week for the AUD and started to break through the descending channel before pulling back. If price continues its bullish move, we can see the next major resistance is around the .726 level.