AUDUSD analysis for Week 7
0.7750 which used to be a strong level of resistance now acting as a support. My bias on this pair is still quite bullish
On weekly time frame, MA crossed to the upside. We can see series of higher high and higher low. We could potentially form a new higher low right now.
On daily time frame, a rejection at 0.7750 and a bounce from 50MA is a good trend reversal signal for me to go long on this pair. However, I only prefer to do some short-term trade on AU at this moment. My first target could be 0.79250. I will then waiting for the price action and see if AU could go any higher.
On weekly time frame, MA crossed to the upside. We can see series of higher high and higher low. We could potentially form a new higher low right now.
On daily time frame, a rejection at 0.7750 and a bounce from 50MA is a good trend reversal signal for me to go long on this pair. However, I only prefer to do some short-term trade on AU at this moment. My first target could be 0.79250. I will then waiting for the price action and see if AU could go any higher.
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