AUDUSD . Weekly Technical Analysis Update

26 jul 2020

Midterm forecast:
. 0.7030 is a major support, while this level is not broken, the Midterm wave will be uptrend.

Technical analysis:
. While the RSI support #1 at 51 is not broken, the probability of price decrease would be too low.
. A peak is formed in daily chart at 0.7176 on 07/22/2020, so more losses minimum to Major Support (0.7030) is expected.
. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
. Relative strength index (RSI) is 66.

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