After a long downtrend in the past few weeks, AUDUSD has hit a weekly support structure level and looks like it could possibly be turning around.
We are looking for a break above the 0.7446 level, and then a pullback and a convincing buy signal as that swing level acts as old resistance/ new support.
Alternatively (perhaps our preferred strategy) if price gets to the 0.755 level, we are looking for a sell signal at that level, which also coincides with quite a
strong trendline to get short in line with the continuing downward trend. If price breaks above that level then we will only be looking to go long.
We are looking for a break above the 0.7446 level, and then a pullback and a convincing buy signal as that swing level acts as old resistance/ new support.
Alternatively (perhaps our preferred strategy) if price gets to the 0.755 level, we are looking for a sell signal at that level, which also coincides with quite a
strong trendline to get short in line with the continuing downward trend. If price breaks above that level then we will only be looking to go long.