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


• 31.08.2021 06:15 am
trading

Overview:

Watch the video for a summary of this week’s news releases, an update on the NZDUSD, and a complete Top Down Analysis of the AUDUSD. Review my previous AUDUSD analysis here.

AUDUSD Monthly:

Monthly support at 0.6991, resistance at 0.7414.

Trend remains down on the monthly chart and rallies have been capped at 0.7414 old monthly support now becoming new resistance.

AUDUSD Weekly:

Weekly support at 0.6991, resistance at 0.7289 and 0.7426.

Price has formed a lower top at 0.7426 and remains in a downtrend. Last week price rallied back up to the 0.7300 area. Price falling back below 0.7289 old weekly support would confirm continued weakness.

AUDUSD Daily:

Daily support at 0.7106, resistance at 0.7316 and 0.7389.

Price has rallied back to the 0.7316 daily resistance level. Price failing at the 0.7289 to 0.7316 resistance area would present an ideal opportunity to sell for the next decline in line with the higher time frame downtrend.

Long term target 0.6991 monthly/weekly support.