AUDUSD weekly chart show the currency is losing momentum
The recent high (weekly view) is the third lower high in recently weeks since 2016.
MFI is in the overbought region and pointing downwards and about to cross below 80.
The overall picture since ~1 year, the price is moving side way (up and down). Current level belongs to upper side of the spectrum, and all sign shows this pair is weaken .
May enter at current price and place a SL above the high of this week at 0.76424.
TP1 @ Fib50% 0.74486
TP2 @ Fib61.8% 0.73801
Move SL to 50% level when this level is hit.
MFI is in the overbought region and pointing downwards and about to cross below 80.
The overall picture since ~1 year, the price is moving side way (up and down). Current level belongs to upper side of the spectrum, and all sign shows this pair is weaken .
May enter at current price and place a SL above the high of this week at 0.76424.
TP1 @ Fib50% 0.74486
TP2 @ Fib61.8% 0.73801
Move SL to 50% level when this level is hit.
