The AUDUSD has surged to the upside breaking previous resistance levels and it is meant to go up further. At the time of writing the price is 0.7212 but it could change soon as additional momentum kicks in. Iron ore is down, copper is down too but AUDUSD keep going up.
That all suggest that the target for AUDUSD could be 0.7290 zone. We can see that the price has broken through 0.7200 H4 camarilla PP and it could continue towards target zone without substantial retrace. If however pair retraces 2 POC points should reject the price. We have a confluence of Bullish order block (the high of a bearish candle prior to the move up/historical sellers now moment buyers), and H3 cam PP with consolidation prior to move up. The zone is 0.7150-60. The second POC comes in 0.7140-25 zone (Bullish order block, EMA89, Inner trend line) and we can also expect the price to bounce off IF it reaches the zone. Additionally we see a giant inverted head and shoulders with a fake out next to the left shoulder. The pair should go up and reach the target zone.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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