alexkyp

AUDUSD potential BUY

Long
FX:AUDUSD   Australian Dollar / U.S. Dollar
The pair is currently recovering from a 200 pip drop the past weeks.
Is currently trading below the 200 EMA but is forming an inverted widening triangle which shows a bullish continuation trend. We can except it to retest again the 0.7050 area where it could be a prime entry for a BUY position. If the pair test again that area it could be forming the second leg of W on the daily and 4hr timeframe which could be a clear confirmation for a long position.
Fundamentals support our direction of trading as well as the Gold which is expected to rise even more the next week.
“Despite reports of the U.S. looking to delay the Trump-Xi summit to late April, Chinese news agency Xinhua said that sides were able to make further progress in trade negotiations following Chinese Vice Premier Liu He's phone conversations with Treasury Secretary Mnuchin and Trade Representative Lighthizer. Renewed trade optimism during the Asian session boosted the demand for antipodeans and allowed the pair to rebound following Thursday's drop.”