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


• 12.04.2022 04:45 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.

AUDUSD Monthly:

Monthly support at 0.6991, resistance at 0.7555.

Monthly chart is in an uptrend, but price has heavily rejected the 0.7555 monthly resistance level. Price has retraced back to the 62% fib retracement level of last year’s trading range. Is this where price has a major change in trend?

AUDUSD Weekly:

Weekly support at 0.7314, resistance at 0.7675.

Weekly chart formed an outside reversal candle at the 0.7555 monthly resistance level last week. Price is continuing to decline this week.

AUDUSD Daily:

Daily support at 0.7367, resistance at 0.7456 and 0.7540.

Daily chart is in a downtrend. Price has now declined four days in a row moving below the 0.7456 daily support level. 

Looking to sell a rally in the newly formed downtrend. 

Watch the video for a full break down of my analysis on how you could trade this pair to the downside based on the daily and 4 hour charts.

Short term target 0.7314 weekly support.

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