AUDUSD Bullish turnaround to test key resistance nexk week🗓🧮 Calculated play for the upcoming week.
AUDUSD ended the day of the trading week with price down 0.33%. Seniment up 13.89% and message volume down 2.61%
💲💲 Dollar Index ended week -0.13%
Gold ended week +1.63%
🛢 oil -3.22%
📈 US stocks have been constantly plunging and failing to maintain consistent bulish momentum. Austalia’s stocks also had a declining week but managed to end in the green for the day.
📰 Corona cases are rising at an alraming rate in key parts of both the United States and Australia, halting the re-opening process and causing concern for investors.
RBA Governor Lowe previously stated he would like a lower currency right now “to help reduce unemployment an lift inflation closer to target” but they already decided to leave rates where they currently are so we shouldn’t expect too much intervention from that angle.
🔦🔦🔦 Spotlight is still on the China related tensions that will impact the pair intensely. Both the US and Australia have their own problems with China at the moment.
🇺🇸 US bank stress tests have fallen woefully short.
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I see a slight time frame confluence on the 1 hr, 4 hr, 1 day, and 1 week charts. All of which are indicating some type of movement in a bullish manner to test the key resistane we’ve been fighting with lately. We’re coming off a solid support and following our trend channel (on the hour chart) back up close to the retest area. Looking at the alligator indacator on the 1 hr and 4 hr, I see what seems to be the start of a reversal as well as with the Keltner Channels. 🗓 Looking at the day and week charts, the alligator and Keltner channels are still showing bullish life, while price is riding above the 50 ema which gives more weight to the idea of bullish price movement going forward.
🧾 With All that I’m seeing, I’m leaning towards a buy to retest the key resistance area. We have a lot of fundamentals next week that could derail current trajectory but at the moment this is how I’m seeing it.
