AUDUSD - Weekly outlook
1) First of all we saw a break to the upside and retested the downtrend trendline, meanwhile respecting the CTL.
2) Breaking the CTL we retested the back of the downtrend trendline (2i)
3) We have since pulled back into previous structure which happens to be a 61.8% fib level and the back of the CTL. We have also formed a nice rejection candle which could be the first of the shooting star formation.
I think if we get the right conditions with the major news releases next week, we can expect this to fall to as low as 0.6500 with a few stop offs at 0.6800 and 0.6600.
2) Breaking the CTL we retested the back of the downtrend trendline (2i)
3) We have since pulled back into previous structure which happens to be a 61.8% fib level and the back of the CTL. We have also formed a nice rejection candle which could be the first of the shooting star formation.
I think if we get the right conditions with the major news releases next week, we can expect this to fall to as low as 0.6500 with a few stop offs at 0.6800 and 0.6600.
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