AUDUSD BUY POSITION IN COMING DAYS? CHANGE IN DIRECTION?

Good evening traders!

AUDUSD is currently forming a triangle formation on the daily and weekly chart which is predicting a change in direction from its bearish movements over the past few months. It has hit a strong support level on the weekly and daily chart around the 0.66736 price point indicating a bullish trend may soon be in favour.

Looking at our chart, I advise waiting for the price to hit our Fibonacci 0.618 level at 0.67734 price point before opening a buying position.

Looking at fundamentals for the week going forward. The RBA Governor for the AUD is scheduled to speak at 10:05pm. Traders will keep a close eye on this speech as he has more influence over the nations currency value than any other person and may trigger our bullish movements we are looking for, expect sharp movements. With further USD news due in the week we will be keeping a close eye on this pair waiting for its change in direction.

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