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The #AUDUSD could be forming a double bottom on the weekly time frame, could this offer long opportunities?

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AUDUSD Analysis

The AUDUSD price could continue to move higher this week as the RBA suggested they would hike rates sooner rather than later. This sparked fresh buying in the Australian Dollar across the board. Investors could be positive about this and will await the announcement by the RBA. 

The weekly chart shows the price has rejected the key 0.7000 level and closed as a bullish candle. This shows us that the selling momentum has faded and buyers are happy to trade higher from these levels. If the price is going to form the double bottom pattern we could expect the price to rally towards the 0.7300 level.

AUDUSD forex chart of the day

The 4hr time frame has just formed a new higher high which allows us to look for trend trading opportunities at minor demand zones. If the price pulls back to the recent consolidation area and forms bullish price action we can look for long opportunities.

Do you trade NZDJPY? see our previous analysis here.

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