AUD/USD Price Analysis: There's something here for both the bulls and bears
- AUD/USD bears are in control but the bulls could be preparing to move in.
- However, the price imbalance to the downside is compelling towards 0.6950.
AUD/USD has been in the hands of the bears due to a strong US dollar and risk-off markets with Wall Street 5% down on the week. The price, however, is now entering a weekly demand area and there are prospects of a bullish correction. With that being said, there is a price imbalance on the daily chart that could be vulnerable, exposing 0.6950.
AUD/USD weekly chart
The bulls could be about to move in from a weekly demand area following the completion of the W-formation and subsequent retest of the neckline, as illustrated in the above chart.
AUD/USD daily chart
From a daily perspective, however, the price could be expected to revisit the neckline of the M-formation, in line with the weekly outlook. However, mitigation of a price inefficiency below could be on the cards as well:
Reprinted from FXStreet,the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.