FX:AUDUSD Australian Dollar/U.S. Dollar
AUD/USD is amid a new uptrending course. Those of you who had same idea like the one I recently (linked analysis) had already the opportunity to make 115 pips in only 2 days. For me now it is important to understand how the market could behave in the next days.
Analyzing our chart we do see a uptrend on (turquoise line) which means that it is becoming a relevant trend. Hence I am watching out for some further long movements. Currently we are amid a upleg. This upleg has already build up an uptrend (black lines) and close above last structure high (purple horizontal line). Price is now on a critical level (red trend resistance line). I will prepare myself for two possible set ups:
1. Price will rallye upwards
2. Price will retrace to levels of 0.715 to pick up further upwards. (black dotted lines)
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Please remind yourself that this is just my personal view on the market and you always should do your own analysis before trading