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#AUDUSD has rejected the key resistance we outlined in our week ahead analysis video. Can we continue to trade with the bearish trend?

Watch the video to learn more…

Weekly Chart

AUDUSD weekly chart forex chart of the day

In this week’s week ahead analysis video we outlined the potential for the AUDUSD price to move lower. The strength meter was showing us that the Australian Dollar was losing strength after reaching the reversal zone. We identified the key resistance to look for selling opportunities and the price has fallen from these lows. This could offer further trading opportunities, but where is the price heading to?

Looking at the weekly chart on the left hand side, the price is working within a channel. The price has rejected the highs of the range now we could see it test the lows around 0.7246. If the price is going towards this zone we will see the downward trend continue on the 4hr chart.

The 4hr Chart

AUDUSD 4hr forex chart of the day

As we can see from the 4hr time frame the price is forming a bearish trend, if the price continues to break and form a new lower low we can look for further bearish trading opportunities.

What we need to see from the market is a clear break of the lows and a minimum of 2 closes below them to confirm the breakout.

The risks to this market are employment data on Thursday. This is forecast to be positive and could see the seller’s exit positions ahead of the outcome.

Enjoy low spreads and quick trade executions with a live account. Our highly committed customer support team will assist you from your quick account setup to any future concerns. Start trading with Blueberry Markets today.

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