alexkyp

AUDUSD potential BUY

Long
FX:AUDUSD   Australian Dollar / U.S. Dollar
The pair has been oversold for the past 2 weeks reaching the psychological line of 0.70.
We can expect the pair to rise the upcoming weeks if the DXY start dropping and if upcoming news for AUD are in its favour.
For a perfect entry we can wait until it forms the second leg of the W on the 4hr timeframe around the 0.7020 area.
There is no significant news for the AUD next week but fundamentals are expecting the pair to drop further to the 0.68 area and also all the EMAS (31, 50, 200, 800 ) support the downward trend but i expect the pair to rise up to 0.71 before it could be an opportunity for a short position.