AUDUSD-WEEK CHART-Long Term Prospective

FX:AUDUSD   Australian Dollar / U.S. Dollar
AUDUSD-WEEK CHART-Long Term Prospective

A long term prospective of this pair, Price has climb back up from 0.68238 in Jan. 2016, complete first phase of up trend in April, retreated back down for a correction to 0.71466 and from this level price jump back up again to 0.77576 which is lower than previous high which was at 0.78273. Price has try to climb and break that resist zone, but after more than 5 weeks of trying, it failed. and now, profit takers are losing patient and started to take profit and move to better trade (Such as GBP)

Therefore, in the coming months, expect price to seek lower support zones, price will not go down smoothly, there will be many downs and ups, but seek and wait for price to touch zones and trade according to candle action once price reach the levels.

Expect down side in this trade once price break through this major support level , once break through with close candle of a day, sell the trade until buying power pushes price above the previous drop through zone. as every level or zone price drop through, it will become another resist level or zone, sell as every level drop through, its down side it would go.