AUDUSD BUY: Weekly, Daily & 4hr, Multiple timeframe analysis.

AUDUSD Weekly:
• Price made a double bottom at last years lows and closed as a bullish hammer forming a huge wick piercing through multiple supports below.
• Double bottom reversal seems to be strong as support level is forming multiple reversal candles (bullish & bearish hammers and a long legged doji).
• Next weekly target 0.7350 monthly resistance (neckline of double bottom pattern)

AUDUSD Daily:
• Price broke through 0.7064 & 0.7100 resistance which created a new high and closed above 0.7100 level.
• Price also broke through both moving averages with strong bullish candle. However, they haven’t crossed bullish yet.
• Next short-term target is 0.7150 monthly resistance.

AUDUSD 4hr:
• After breaking through multiple levels and closing above 0.7100 pair is now likely set to retrace to 0.7064 support + 0.62 Fibonacci level.
• After achieving this level, we will the see if this level holds to enter buy positions up to 0.7150 psychological level.

Order avbruten:

no longer valid looking for new entries