AUDUSD Price direction for week: 27-Apr-2020
AUDUSD price did not retest the golden zone at 0.62107 like anticipated... so, I started my chart technical analysis all from scratch to see whats going on. From the point price closed at on Friday, I can tell AUDUSD is almost at a pivotal level. The mini-trend on 4h for AUDUSD is likely around 0.64534. There is also an interesting downtrend line extending all the way from 31st Dec 2019.
This is my outlook for AUDUSD: if price breaks the 0.64534 and closes above it, I would be looking for entries closest to the retest of the downtrend-line at 0.63734. And my TP would be at 0.67163 (260pips), the support of Oct. 2019. Having studied COT I am more in favor of price breaking upwards. HOWEVER, if price closes on the 4h below the 0.64276-0.64534, AND WITHIN the downtrend-line, I will be looking for entries to 0.57419 (680pips) for a double bottom confirmation.
Please remember to do your analysis, and share your thoughts.
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This is my outlook for AUDUSD: if price breaks the 0.64534 and closes above it, I would be looking for entries closest to the retest of the downtrend-line at 0.63734. And my TP would be at 0.67163 (260pips), the support of Oct. 2019. Having studied COT I am more in favor of price breaking upwards. HOWEVER, if price closes on the 4h below the 0.64276-0.64534, AND WITHIN the downtrend-line, I will be looking for entries to 0.57419 (680pips) for a double bottom confirmation.
Please remember to do your analysis, and share your thoughts.
**Please like and follow to encourage more analysis.
Trade active:
I can see price has reached resistance on H1 and H4.
Comment:
Please see the newer analysis for this pair. Will still keep updating this, but I took into account recent price movement.