Weekly Forecast for AUDUSD
Monthly/Weekly Low: The monthly low is positioned around the 0.65000 level, which aligns with our psychological zone. This area is significant as a strong support level and potential reversal point.
Weekly High: The weekly high is marked at 0.65700, serving as the upper boundary for the week's price action and acting as a resistance level.
Key Observations:
Price Testing Psychological Zone: The price is currently testing the 0.65000 psychological zone, which coincides with the monthly low. This area has historically been a strong support level, indicating a high probability of a reversal.
Potential Reversal Zone: Given the alignment of the monthly low with the 0.65000 psychological level, this zone is an excellent candidate for observing potential reversals. The price may bounce off this level, providing a buying opportunity.
Weekly Confirmation: The market's movement over the past week has shown that it respects the marked levels, with the price making significant moves within these boundaries.
Price Action Analysis: Watch for bullish price action signals around the 0.65000 level, such as bullish engulfing patterns, pin bars, or other reversal patterns, to confirm the buy setup.
Trading Plan:
Buy Zone: Around the 0.65000 level, leveraging the support provided by the monthly low and the psychological zone. Look for strong bullish signals before entering a buy position.
Sell Zone: Consider short positions around the weekly high of 0.65700 if the price approaches this level and shows signs of reversal.
Watch List: Monitor the price action closely as it approaches the 0.65000 level. Set alerts to observe real-time movements and validate the trade setup through market sentiment and price behaviour.
Weekly High: The weekly high is marked at 0.65700, serving as the upper boundary for the week's price action and acting as a resistance level.
Key Observations:
Price Testing Psychological Zone: The price is currently testing the 0.65000 psychological zone, which coincides with the monthly low. This area has historically been a strong support level, indicating a high probability of a reversal.
Potential Reversal Zone: Given the alignment of the monthly low with the 0.65000 psychological level, this zone is an excellent candidate for observing potential reversals. The price may bounce off this level, providing a buying opportunity.
Weekly Confirmation: The market's movement over the past week has shown that it respects the marked levels, with the price making significant moves within these boundaries.
Price Action Analysis: Watch for bullish price action signals around the 0.65000 level, such as bullish engulfing patterns, pin bars, or other reversal patterns, to confirm the buy setup.
Trading Plan:
Buy Zone: Around the 0.65000 level, leveraging the support provided by the monthly low and the psychological zone. Look for strong bullish signals before entering a buy position.
Sell Zone: Consider short positions around the weekly high of 0.65700 if the price approaches this level and shows signs of reversal.
Watch List: Monitor the price action closely as it approaches the 0.65000 level. Set alerts to observe real-time movements and validate the trade setup through market sentiment and price behaviour.
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