The Australian Dollar ( AUD ) has been very week recently due to COVID-19 news and protest ongoing within the country. However technically we are at a point of resistance for many AUD pairs, and we are anticipating bullish momentum. We can see this on AUDNZD below.
AUDNZD Price is in a structure level
Also AUDUSD is in a impulsive wave downwards which is due to correct.
The Dollar ( USD ) has been on a bull run for a while now. If you have been following my journey with this pair you will understand how frustrating the past few weeks have been. However now we can see a huge bearish engulfing candle on DXY which is a indication of some downwards momentum.
This has been anticipated for over a week now and we can see many pairs break their structure which indicated big movements soon!
DXY Resistance & Bearish confirmation
Check out GBPUSD in the related ideas below where I have re-entered where the price has respected the trendline.
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Trade closed: stop reached
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Stop hit due to FED Chairman Powell doing a speech. Reentered.
Great analysis! However What if the point breaks below bottom (0.71) first that would disqualify this upcoming pattern right
Pips-Collector
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@WheezyFX, Thanks , I'm not quite sure what you mean, if the price breaks the structure we may see an even lower low. However for the week we are forecasting USD weakness & AUD strength which will push this pair higher.
ForexTrendline
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wow awesome entry
UnknownUnicorn17327962
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Having the same idea but still doubting as Omicron could impact reversal trent and push pair a bit dipped up to 0.69xx