The AUD/USD pair initially fell during the week, but found enough support below to turn things back around and form a positive candle. The positive candle
The AUD/USD pair initially fell during the week, but found enough support below to turn things back around and form a positive candle. The positive candle of course suggesting that we could get a bit of a bounce, but we still believe that the previous uptrend line above should offer plenty of resistance. On a resistive candle, we are willing to sell this market again as the longer-term downtrend is most certainly still very much in effect. A break down below the bottom of the candle is also a very negative sign that we would jump all over.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.