Hello traders, this is the full breakdown of this pair. We will take this trade if all the conditions are satisfied as discussed in the analysis. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
The AUD/USD daily chart formed a double bottom at 0.685 last week, a level reached by the pair in mid-May before rebounding to 0.727.
A double bottom is a chart pattern that consists of two pretty equal lows separated by a tiny peak that creates a 'neckline.' It often occurs near the end of a downward trend and may foreshadow a positive reversal.
AUDUSD seems to be heading towards an important support zone and also near the trend line around 0.68839 and as per his behaviour it should go back up and at least be able to reach the first resistance zone and trend line near 0.69319 and hopefully higher to reach 0.69571.
The AUDUSD broke above $0.6900 to test the $0.6950 area on Friday, herby reaching the highest level since the last time it broke down from this area (early days of last week) to set the tone for a potential bullish momentum in the coming week. In other to make the decision easier, I have identified a key level at the $0.6900 area to guide our actions going forward...
I will be looking for sells on AUD/USD if we can see price come into this area in the new york session and show bearish confirmation for a potential trade opportunity.
I will not be going into the technical reasons for this trade.
As we can see in AUDUSD:FOREX.com 1 Hour chart created nice order block. This #orderblock perfectly set with 15m chart also. Intraday perspective #audusd heading to lower. so I'm looking some short opportunity here.