AUDUSD trading idea for the week of 23-April-2018

Even though Australian Dollar initially tried to rally during the course of the week ended, it rolled over and fell below 0.77 handle. The beginning of the fall was due to the disappointing employment data from Australia.

However, there is support to be found just below. There is a massive up-trend line that has held for quite some time.


Trading idea for the coming week
The up trendlines can offer strong support but can also unwind the pair to the downside significantly if it is broken. Therefore it is best to wait until until either the down trendlines or those up trendlines are broken. If the up trendlines are broken, the pair can go towards testing the 0.81 zone again.

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