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The AUDUSD price has extended its recent gains suggesting the market trend is likely to continue higher. Where is the price heading and could it offer us trading opportunities?

Watch the video to learn more…

AUDUSD Analysis

The Australian Dollar remains bullish this week as the currency continues to extend its gains against most of its counterparts. The RBA recently spoke of rate hikes to come which has helped fuel the bulls of the Australian Dollar. The USD has begun to weaken as the FOMC begins their rate hike cycle which looks set to continue in the short term. The strength meter this week highlights the bullishness of the Australian Dollar and despite it being in a reversal zone the currency continues to strengthen further. 

The AUDUSD price on the weekly chart shows that we could see the price head much higher. The recent highs around 0.7550 could be an area where the price is heading as this price is where the price fell over 500 pips from before. These levels can often be magnets for price as the market heads towards these levels. 

AUDUSD Forex Chart Of The Day

The 4hr time frame shows us that the market continues to make higher highs and higher lows and recently the price has made a new high creating a demand zone. If the price retest the demand zone and high volume levels we can look for opportunities to trade with the bullish trend.

Do you trade GBPUSD? You can see our recent analysis here.

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