AUDUSD - Daily - For the week ahead.
The pair is at an interesting level, right now.
Last week we had a ranging one and some where, probably, taken out by this price action. It's sometimes really difficult to foresee that the week will be a ranging one. But that's trading.
Last week the Bulls and the Bears could not figure it out who's going to lead. It seems that it is ready to make a good move in the coming week (2017.11.13- 17). The break of one of the trend lines could show a new direction towards the old highs and lows.
We saw that last week, the price action was all around that old trend line, which is playing a good role as the main support for this pair not to spill over.
On the other side, we have a very steep trend line, that is acting as resistance. But again, with a good strong move, that can be broken and become support.
On the upside, the target would be the 2017 March high at 0.77495.
On the lower side, 2017 July's low (0.75713) could be a nice target for the coming week.
All this is only if it breaks and closes on the Daily above or below the key trend lines.
Stay sharp and keep an eye on the price action!
Last week we had a ranging one and some where, probably, taken out by this price action. It's sometimes really difficult to foresee that the week will be a ranging one. But that's trading.
Last week the Bulls and the Bears could not figure it out who's going to lead. It seems that it is ready to make a good move in the coming week (2017.11.13- 17). The break of one of the trend lines could show a new direction towards the old highs and lows.
We saw that last week, the price action was all around that old trend line, which is playing a good role as the main support for this pair not to spill over.
On the other side, we have a very steep trend line, that is acting as resistance. But again, with a good strong move, that can be broken and become support.
On the upside, the target would be the 2017 March high at 0.77495.
On the lower side, 2017 July's low (0.75713) could be a nice target for the coming week.
All this is only if it breaks and closes on the Daily above or below the key trend lines.
Stay sharp and keep an eye on the price action!