Updated idea on AUDUSD weekly analysis.
AUDUSD -0.38% has been in an uptrend since a couple of weeks. I hope everyone enjoyed it's bearish movement and made some good pips. At the current level, we see three different things happening.
First- It is reacting to the long term downtrend line.
Second- It has tested the level once.
Third- We see a divergence on the stochastic .
Fourth- Stochastic shows an buy momentum.
In this coming week, we look for two different scenarios to occur.
1. The level 0.76789 gets retested again with the continuation of it's downtrend. If this happens, we will be looking for a downtrend till 0.7411 level. If this level is crossed, we look for 0.7331 as next target.
2. If the price breaks the resistance level of 0.76789, then we look for price to reach 0.81 in the long run.
Happy pip hunting!
First- It is reacting to the long term downtrend line.
Second- It has tested the level once.
Third- We see a divergence on the stochastic .
Fourth- Stochastic shows an buy momentum.
In this coming week, we look for two different scenarios to occur.
1. The level 0.76789 gets retested again with the continuation of it's downtrend. If this happens, we will be looking for a downtrend till 0.7411 level. If this level is crossed, we look for 0.7331 as next target.
2. If the price breaks the resistance level of 0.76789, then we look for price to reach 0.81 in the long run.
Happy pip hunting!
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