AUDUSD - Weekly Chart Analysis
Price is nearing a major area of support. Over the next several days I suspect that weekly support (.737) will be reached. Ideally, I would like to see price continue to move down through this level but there is a high chance that there will be a slight bounce back to the upside before further continuation to the downside. There was not enough long-term bullish momentum to confirm bias from short to long as all EMA’s did not cross. Price only traded above them for some time then reversed. Historically, price has had choppy trading in this area, but if we can confirm long-term bullish movement for the dollar, I don't think that will happen again.
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