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.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
