AUDUSD:
Weekly: Bullish
Daily: Bullish
4 Hour: Reversed Bearish Trend
After a false-break of the Bullish uptrend on the weekly trendline and failing to continue it's bearish downtrend; I see a retracement back to the original bullish trend in the form of a bullish flag forming below the 4 Hour resistance line. My Bias: The area beneath the 4 Hour Resistance line has seen strong confluence (look left on the Daily time-frame: February/ March), and wouldn't be easily broken but once broken a strong push to the upside is expected. With no major economic data expected, I anticipate the pair trending purely on analysis.
Weekly: Bullish
Daily: Bullish
4 Hour: Reversed Bearish Trend
After a false-break of the Bullish uptrend on the weekly trendline and failing to continue it's bearish downtrend; I see a retracement back to the original bullish trend in the form of a bullish flag forming below the 4 Hour resistance line. My Bias: The area beneath the 4 Hour Resistance line has seen strong confluence (look left on the Daily time-frame: February/ March), and wouldn't be easily broken but once broken a strong push to the upside is expected. With no major economic data expected, I anticipate the pair trending purely on analysis.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.