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The AUDUSD price has broken last week’s high which can often see a market move higher. Could this offer a long opportunity back to key resistance?
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AUDUSD Analysis
The AUDUSD price has broken the previous week’s high showing us that buyers are stepping into the market. Fundamentally, we still want to be bullish on the USD because of the rate hike increases and rising inflation however, this does not mean the USD cannot move lower in the overall trend. The risk sentiment has changed slightly this week and we have seen the US stock markets rise. If that were to continue, we could expect the AUDUSD price to continue higher as it reacts positively to these conditions.
The weekly chart highlights a large downward trend, with price forming lower highs and lower lows. Currently, the bullish break of last week’s high, suggests a move back to a key area of resistance is more likely. A retest of last week’s high could be an ideal level to look for a long opportunity, this level is also a high on the 4hr chart. If bullish price action forms in this area we could assume the minor uptrend is going to continue.
The risk to the upside is the fundamentals for the USD, however, this week the USD high impact news is light which could be another reason for this slight selling pressure.
Did you see our GBPCHF analysis? You can see it here.
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