Audusd weekly forex analysis with weekly forex trading strategy AudUsd weekly forex analysis with weekly forex trading strategy from 25th, april, 2022
In the previous analysis we shared on Audusd, we submitted that audusd was overbought and a supply zone was formed on the weekly chart as price broke structural level to the downside on the 4hr chart. we went short on the 12th of April, 2022 targeting the moving average as seen on the chart.
Sentimentally, despite the high demand for commodities, the demand for the US Dollar is still high due to economic uncertainties. Tension is still high amidst on going conflict between Russia and Ukraine. Gold on a macro scale is bearish which as we know could be one of the reasons the Aud has been down too as Gold & Audusd are positively correlated while Australia has most of her foreign reserves in Gold.
Fundamentally, NFP is till the 2nd of May, 2022. However , Us GDP growth rate QoQ will be reported on the 28th with expectations that figures will be higher than expected. Also Inflation rate from Australia will be reported on the 27th of April. All high impact news.
Technically, As seen on the the chart, Although the video analysis of this pair speaks more volume, price has broken a weekly and daily support level around the 0.7246 area heading for a liquidity area around 0.7022.
The price initially dropped rapidly of a 4Hr supply zone around the 0.74822 .We should be watching price approach the 0.72062 area by Monday then bounce up to either 0.7295 if price doesn’t break that area...then short AudUsd to daily Demand zone shown or watch the 0.7371 area to short. However, my sentimental bias for the AudUsd is bearish.
I would love your comments and idea on this pair as well.
