AUD/USD strong weekly resistance at 0.742 [Video]

Duncan Cooper ACY Securities

Overview:

Watch the video for a summary of this week’s news releases, a review of the USD Index, and a complete Top Down Analysis of the AUDUSD.

AUDUSD Monthly:

Monthly support at 0.6991, resistance at 0.7414.

Monthly chart is in a downtrend. Price is currently rallying within the range of last month’s candle.

AUDUSD Weekly:

Weekly support at 0.7170, resistance at 0.7426 and 0.7478.

Weekly chart is in an uptrend showing a higher top and higher bottom. Price will need to take out the 0.7426 and 0.7478 weekly resistance levels to continue the uptrend.

AUDUSD Daily:

Daily support at 0.7316 and 0.7304, resistance at 0.7444.

Price has rallied back up to the 0.7426 weekly resistance level. Price failing at the 0.7426 weekly resistance level could be the signal that the daily chart uptrend has finished.

Price failing at the 0.7400 level would present an ideal opportunity to sell for the next decline in line with the higher time frame monthly downtrend.

Short term target 0.7170 weekly support, and long term target 0.6991 monthly support.

Author

Duncan Cooper

ACY Securities

Duncan Cooper is a full-time trader and mentor. He has been actively trading the financial markets for more than 15 years and has traded stocks, options, futures, and the Forex Market since 2005.

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