AUDUSD - Weekly outlook

FX:AUDUSD   Australian Dollar / U.S. Dollar
1) First of all we saw a break to the upside and retested the downtrend trendline , meanwhile respecting the CTL.
2) Breaking the CTL we retested the back of the downtrend trendline (2i)
3) We have since pulled back into previous structure which happens to be a 61.8% fib level and the back of the CTL. We have also formed a nice rejection candle which could be the first of the shooting star formation.

I think if we get the right conditions with the major news releases next week, we can expect this to fall to as low as 0.6500 with a few stop offs at 0.6800 and 0.6600.
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