The AUDUSD will hit the first green zone for the recovery, there will be two scenarios once it reach that price range.
If that price closes above the first green box, I will be looking for buy, TP0.72200
If that price closes below the first green box, I will be looking for sell, TP1 0.68500, TP2 0.67540
The two green zones are identified from Weekly chart as two major area for the oil.
Last week the oil respected the strong support zone as the price closed just above it.
This coming week might be a pull back to the upper resistance zone before it broke down again.
I have been monitoring this pair for a while,
Green zone is major area to identify the trend.
this H4 candle seems rejected hard for breaking through, however we need to watch a bit longer to see what is next direction.
Hit the like button guys.
I will keep it posted.
The price closed within the downtrend channel last Friday, look at the green box is the support area, however we might be able to see it broken down this coming week. before doing that, a retracement should be happening before that.
Recommend entry: 54.90, TP1: 52.00, TP2: 51.00, SL: per your risk management.