Here I do a technical analysis and predict where the trend will be going.

AUDUSD D1

On the D1 chart, the direction of the market is bullish, and the price is slightly bullish. This is a bullish trend. Bulls bought at support on 4 July when it made a higher low. The direction then continued to be bullish till the AUDUSD made a higher high on 26 July and then bears sold at the target resistance on 26 July. Bulls bought at WM1 which a higher low, still indicating that the market direction has not changed. 21 is above the 55 indicating that the market is bullish. 5 is above the 8 indicating that price is also bullish.

Source: MT4

AUDUSD D1

Here i added the Fib. The trend currently is just below the 61.8 mark, and based on that my prediction is that bears will sell just above 61.8. Bulls will then buy again at just under the 38.2/wpp levels and look to break through the 78.6 level reaching target at WR2.

Source: MT4

AUDUSD H4

The H4 chart is also indicating what I have seen on the daily chart where the trend makes a higher high at WM3 reaching just below resistance when bears sell it till it reaches just above support at WM2 when bulls buy again. As my prediction, there is a slight pull back between the 38.2 and the 50 level when bulls buy again trying to break the 78.6 level heading towards the target at WR2. 21 is above the 55 indicating the market is bullish. 5 is above the 8 indicating the price is also bullish.

Source: MT4

2 thoughts on “AUDUSD Technical analysis”

  1. Charles Bidner says:

    Thanks for the post Devon.

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