Market Outlook and Analysis (2020 WW08)
Currency Pair: AUDUSD
AUDUSD D1 Chart – Broke below the 2019 lows
As expected, the AUDUSD tested the 2019 lows again and did even more. It broke below the 2019 lows and stayed below towards the end of the week. This weakness in AUDUSD persisted and this gives a very bearish bias to the traders. Seems that we just tried bouncing off the decade low.
We saw a strong sell-off on the USD on Friday, however the charts and patterns showing that the USD has a little bit more strength to go towards the completion of the Shark pattern before it is expected to drop.
AUDUSD H4 Chart – Support turned Resistance zone ?
On the H4 Chart, the bounce seen on Friday will probably continue towards the Support turned Resistance zone before the down trend resumes. Breaking below the 0.6600 handle will probably bring it towards the 0.6300 lows.
The bulls will be interested if the AUDUSD recovers back above the 0.6680 levels.
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