Looking at the bigger picture across higher time frames, I think we will see price continue to rise on AUD/USD. Previous we have been holding the 0.7700 key level as strong resistance which was eventually broken with price rallying and finding a wall at the 0.800 level.
Over the past couple of weeks I have witnessed a price pullback which has found support coinciding with the previous wick high. From this level, last week closed as a strong bullish engulfing candle suggesting bulls are beginning to once again move into the market.
Reviewing last weeks market closes, this pair scored a very strong supporting technical strength score off +10. Zooming into the lower time frames, price has broken above the short term lower high suggesting the change in trend is occurring.
I have missed my opportunities to enter for a shorter term, high risk to reward trade so this week I will be looking for a longer term set-up. For me, a safe target would be the 0.8200 key level which would place a new higher high however, I believe this pair will go beyond this level which I will be searching for. Stops for me, with a longer term trade, will be placed below the support.
Over the past couple of weeks I have witnessed a price pullback which has found support coinciding with the previous wick high. From this level, last week closed as a strong bullish engulfing candle suggesting bulls are beginning to once again move into the market.
Reviewing last weeks market closes, this pair scored a very strong supporting technical strength score off +10. Zooming into the lower time frames, price has broken above the short term lower high suggesting the change in trend is occurring.
I have missed my opportunities to enter for a shorter term, high risk to reward trade so this week I will be looking for a longer term set-up. For me, a safe target would be the 0.8200 key level which would place a new higher high however, I believe this pair will go beyond this level which I will be searching for. Stops for me, with a longer term trade, will be placed below the support.