• Duncan Cooper , Senior Market Strategist & Trading Mentor at ACY


• 08.03.2022 10:15 am
undisclosed , Duncan Cooper is a full-time trader and mentor and the Senior Market Strategist at ACY Securities. Trading full-time since 2009, Duncan's insights are from the battleground of real-time markets, not theory, and he thrives on educating traders to reach their financial goals.

Overview:

Watch the video for a summary of this week’s news releases, a review of the USD index, and a complete top down analysis of the AUDUSD.

AUDUSD Monthly:

Monthly support at 0.6991, resistance at 0.7414.

Monthly chart is in a downtrend. Price has rallied all the way back to the 0.7414 monthly resistance level. Is this where price reverses for the next decline?

AUDUSD Weekly:

Weekly support at 0.7314, resistance at 0.7426.

Weekly chart is in an uptrend. Last week price broke above the 0.7314 weekly resistance level changing the trend to up.

AUDUSD Daily:

Daily support at 0.7284, resistance at 0.7431.

Daily chart is in an uptrend. Price has rallied for seven days straight back to the 0.7414-26 monthly/weekly resistance area. Price formed a clear rejection candle yesterday. Is this a short term top or a major reversal top in line with the monthly downtrend?

For the the uptrend to continue price needs to hold at or above the 0.7314 weekly support level. Price moving below the 0.7314 weekly support level would start to confirm a reversal.

Watch the video for a full break down of my analysis on how you could trade this pair to the upside, or the downside based on the 4 hour chart.

This content may have been written by a third party. ACY makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied by any third-party. This content is information only, and does not constitute financial, investment or other advice on which you can rely.