Hello everyone. I hope you are all doing well. Today I want to share with you my view of the AUD/USD weekly chart. The first suggestion for you is to go to the monthly chart where you can see the reverse head and shoulders formation (which is a very strong sign of bulls in the long run; but as you know the monthly chart suggests a long period of time, and playing reverse head and shoulder formation on the monthly chart can take months, so it is necessary to look at the situation from a short-term perspective). When we look at the weekly chart - we have a few bearish moments. First, you can see that the pair tried to climb higher, even above the swing high from October 25, 2021. However, we see that the attempt failed and the pair returned below 0.7560 and formed a bearish grabber that suggests downside continuation. So, my suggestion is that, in accordance with your strategy, short this pair whenever the chance arises.
Comment:
Hello guys. I posted this weekly analysis on AUD/USD on Sunday and today we got a great opportunity for a short position. If you missed an opportunity, or if you want to add to a position, you can wait for the pullback. In fact, I expect the price to reach at least 0.382 Fibonacci retracement from this last swing. In that area, around 0.7400, the price could consolidate for a while, and after that I expect a further decline.
Comment:
The price fell without any retracement. The sellers are the winners. I hope the scalpers took their chances to increase the accounts today.