Price has rejected from weekly resistance level in daily time frame.
From the COT perspectives (Order Flow perspectives), the net position of AUD is increasing from Feb 2020 but during this period, hedge fund keep closing both long & short positions and eventually started to open some shorts. In the latest data, they have been closing both long and short positions but the amount of long closing is more than short closing, In this situation, we foresee that the price will be pushed to the downside and wait for a retracement to enter at a higher price for short position.
In conclusion, we will be monitoring the price action in 4H time frame, because my strategy is "Monthly,Weekly, Daily for direction & 4H for entry."
Do drop a comment at the comment section below! We can share our analysis to each other. Kindly take note that my analysis is based on COT perspectives and technical analysis . Also, we always reacting to the market instead of predicting the market.
The weekly resistance is around 0.63330 level and the close is well above that. In my opinion, the price will retest the high at 0.64400 before retreating.