Blue Mind FX - Weekly Analysis AUDUSD

FX:AUDUSD

AUDUSD Appears to be ranging in an upward channel at the moment, there is heavy resistance above in the form of the 0.786 Fibbonachi level which we are still observing from November. Price has respected previous Fibbonachi levels leading to this upwards channel and I expect price to retest the 0.618 Level before moving on further. I am currently looking for confirmation to go short on this pair and will observe price action around the 0.618 level should price head there to retest. If we have a clear break above the 0.786 Fib level and a retest I will be long on this pair.

Remember that we are currently in a period where most of the main market movers will be less active. That said people still need to buy money and orders will still need filling, so for now we will assume technical analysis will hold up.

These are purely analysis for the week leading 29th December 2019 and should not warrant any trade actions. They are purely for analysis and technical reference for you to put your own trading ideas to.

Join the free Telegram chat for free signals! @BlueMindFX