Short term bias however does the weekly have a suprise in store
After a decent run thanks to dollar weakness AUD saw some spring. However a decent resistance cluster is looming.
Daily 200 MA
38.2 key Fibonacci level
Resistance trend
AUDUSD is at a key point (highlighted) regarding its long term trend, a strong break above the current downward trend and retest can negate such an idea until them its probable we will see a downward trend continuation.
Bullish above 0.70048
Bullish Target(s) 1 - 0.7117
2 - 0.7258
3 - 0.7311
Stop half ATR below 0.7000
Bearish below 0.6947
Bearish Target(s) 1 - 0.6741
2 - 0.6654
3 - 0.6539
Stop quarter ATR above 200MA
RSI still has a small amount of space to move higher for price action to continue higher before we see overbought conditions.
If a bearish divergence is evident in the coming week bearish bias will seem all the more stronger.
However scrolling out and referring to the weekly shows a potential massive upside to complete an expanding flat followed by potential massive downside. Just a thought :-)
Daily 200 MA
38.2 key Fibonacci level
Resistance trend
AUDUSD is at a key point (highlighted) regarding its long term trend, a strong break above the current downward trend and retest can negate such an idea until them its probable we will see a downward trend continuation.
Bullish above 0.70048
Bullish Target(s) 1 - 0.7117
2 - 0.7258
3 - 0.7311
Stop half ATR below 0.7000
Bearish below 0.6947
Bearish Target(s) 1 - 0.6741
2 - 0.6654
3 - 0.6539
Stop quarter ATR above 200MA
RSI still has a small amount of space to move higher for price action to continue higher before we see overbought conditions.
If a bearish divergence is evident in the coming week bearish bias will seem all the more stronger.
However scrolling out and referring to the weekly shows a potential massive upside to complete an expanding flat followed by potential massive downside. Just a thought :-)