• Duncan Cooper , Senior Market Strategist & at ACY Securities


• 14.12.2021 02:00 pm
#stocks

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. Review my previous AUDUSD analysis here.

AUDUSD Monthly:

Monthly support at 0.6991 and 0.6722, resistance at 0.7414.

Monthly chart is in a downtrend. Price is currently rallying after testing the 0.6691 monthly support level.

AUDUSD Weekly:

Weekly support at 0.7106, resistance at 0.7170.

Weekly chart is in a downtrend. Price has rallied for one week following the test of the 0.6691 monthly support level. Will price rally further or continue the strong downtrend of previous weeks?

AUDUSD Daily:

Daily support at 0.6993, resistance at 0.7173 and 0.7186. 

Price has rallied back up to the 0.7170 weekly resistance level and candle action is showing that price has failed in the short term. Price failing again at the 0.7170 weekly resistance level would present an ideal opportunity to sell for the next decline in line with the higher time frame downtrend. 

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

Short term target 0.6991 monthly support, and long term target 0.6722 monthly support.

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