Overview- AUD/USD has been in a downtrend for the last 6 weeks.
However, is this a downtrend or merely a correction? Let us take a look at whether
there is a case for the buyers here.
Analysis - Looking at the chart, you can observer the following:
Probable trade set-up - Based on the above analysis, there is a possibility
in resumption of uptrend. A buy entry at 0.7540-0.7560 with SL below 0.75 and TP1
at 0.77 and TP2 at 0.78 is a possible buy signal.
Disclaimer - This is simply an analysis and not a trade recommendation. The trades will be
executed only if it meets the required criteria.
However, is this a downtrend or merely a correction? Let us take a look at whether
there is a case for the buyers here.
Analysis - Looking at the chart, you can observer the following:
- Price is still above the 100 day moving average, which indicates uptrend is intact.
- 0.7530 is a significant area of support.
- However, price action is not in favor of the bulls.
Probable trade set-up - Based on the above analysis, there is a possibility
in resumption of uptrend. A buy entry at 0.7540-0.7560 with SL below 0.75 and TP1
at 0.77 and TP2 at 0.78 is a possible buy signal.
Disclaimer - This is simply an analysis and not a trade recommendation. The trades will be
executed only if it meets the required criteria.