AUD/USD: The Weekly Probability is Bullish as price is

Tian Kriek

Analyst


August 5, 2020 01:31 PM

BULLISH

Daily Trading Range:
AUD/USD: The Weekly Probability is Bullish as price is making higher highs and the counter trend was adjusted. Since the down Inner trend line was broken to the upside I would expect price to continue higher to the Outer trend line. There is also an UP AB Boundary on the Daily chart with a Super Shallow Retracement at the 0.236 FIbonacci Level. This means that price is likely going to find resistance at the Fibonacci 1.27 extension at 0.7355 about +214 pips away. The current daily candlestick opened below the Daily up Inner Trend line which is a concern. I am not buying until the current Daily candlestick closed above the inner trend line again. Get this chart and analysis for free. Copy and Paste the following link in your browser: https://smarttrader.com/charts/tkriek/tk-aod-workspaces-5-aug/

Daily Chart

Daily Chart

Daily Support and Resistance

Resistance 3: 0.7750
Resistance 2: 0.7250
Resistance 1: 0.7000
Current Price 0.7111
Support 1: 0.6850
Support 2: 0.6700
Support 3: 0.6400

Two Hour Chart

Two Hour Chart
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