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Weekly forecast Australian Dollar / US Dollar technical chart
Symbol AUDUSD

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Trading suggestion:

  • By appearing primary signs of entering the market, new entry zone and short-term targets would be published.

DateMay 9, 2020 - 20:53
Currentuptrend
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 0.66850, beginning of downtrend is expected.
  • We make sure when the support at 0.59750 breaks.
  • If the resistance at 0.66850 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • The Rising Wedge taking shape and as a bearish pattern suggests we will soon see another leg lower if price breaks and closes below uptrend.
  • A trough is formed in daily chart at 0.6380 on 05/07/2020, so more gains to resistance(s) 0.6570 and maximum to Major Resistance (0.6685) 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 61.

Supports and Resistances:

  1. 0.8135
  2. 0.7805
  3. 0.7675
  4. 0.7395
  5. 0.7200
  6. 0.6845
Click on the level to view price action history.

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