AUDUSD analysis – Weekly uptrend lines broken

The trading week of 23-27 April 2018 has been significant for the AUDUSD pair. A major weekly uptrend line that has held since the late 2015 has been broken.

AUDUSD Weekly trendline has been broken

It looks like there may be a pull back to test the trendline and then continue the move downwards. There is another support just below around 0.7500 area. If that is broken, the pair can unwind to the downside rather quickly.
AUDUSD daily

Trading preference
At this moment the preference is to short the pair once the up trendline has been tested and a bearish candle from there has been completed. Otherwise, if 0.7500 area has been broken, enter short on the pair.


Recommended forex brokers

Related posts

Leave a Comment