AUDUSD Weekly Forecast And Technical Analysis
Fundamental Overview And Economic Calendar:
The week ahead, we have the core PCE deflator (the FED’s favored measure of inflation), consumer confidence, ISM manufacturing and a jobs report. FED’s interest a-rate decision and FOMC statement is the most important event of the week.
Daily Chart: The price is below all main Moving Averages. The upside is capped by MA20 and MA100 at 0.71200. On the downside, the key support resides at 0.69850. A potential breakout would trigger the bearish move towards 0.68700.
H4 Chart: As seen on the below chart, price broke the major structure at 0.69800 and dropped 100 pips. The pair is in a retracement-consolidation period. 0.70600 has been tested on Friday. The selling pressure remains as long as the price stays below 0.70800. Potential pullbacks towards 0.70800 can be used selling opportunities.
The pair is trading in an ascending channel. A bearish flag pattern is likely to be printing. Potential breakout of the flag at 0.70300 would send the pair 0.70000 and 0.69800. If the pair fails to break the flag, it is likely to break 0.70500 and test 0.70800 resistance.
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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money
AUDUSD: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility