AUDUSD Free market analysis for week 41 (9 Oct 2023)
This week’s free market analysis is on AUDUSD.
AUDUSD free market analysis
AUDUSD on the monthly timeframe have been on a downtrend since July 2011 and price have been making series of higher lows and higher highs. price have made a double top chart pattern at 0.080000 price level after a massive fall around march 2020 due to the pandemic. price have been bearish but currently at a key level which is a major support.
AUDUSD on the weekly timeframe have been on a downtrend after gaining a little strength and pulling back to 0.80500 after the pandemic. price have traded from it resistance at 0.80500 to 0.70000 and broken it support at 69500. price have been trading from support turn resistant at 0.69500 down to its new support at 0.63500 which it is currently trading at.
AUDUSD on the daily time frame have be in a range after breaking the support turn resistance at 0.69500. price have been ranging between the new resistance at 0.69500 and support at 0.63500. price have been ranging without making a proper series of lower lows and lower highs but price have traded back to the resistance to make double top chart pattern signaling a possible change in trend and this is a bearish chart pattern and after that we can see how price traded down to the support level.
4 HOURS TIMEFRAME
AUDUSD on the 4 hours timeframe have been in a mini range at 0.65090 to the major support at 0.63500. price have tapped into the support severally but it kept rejecting. price have made a lower low below the previous lower low which is a bit below the support zone but it couldn’t break the support as we see price trading above the support after the opening of the market this week.
AUDUSD price projection:
AUDUSD free market analysis and price projection: Price still seems to be in a range between the previous swing low at 0.62855 and previous swing high at 0.65090 price level, a break and retest on either level might signal a change or continuation in trend and it will confirm our direction we know we will know where our position will be.
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