*To view the original Forex Update 2020 analysis and post, please click here*
AUD Pairs – Weekly Charts
AUD pairs continue to downtrend. There have been some short-term shorting opportunities around resistance levels identified in our last 2020 analysis.
Most AUD pairs are in a bullish retrace move. Moving averages are bearish and steady and price is below moving averages, suggesting that AUD pairs may attempt to swing lower – the downtrends could continue.
AUDCAD – potential selling opportunities around the weekly 200 SMA, around the current trend resistance area and around the horizontal resistance level at 0.9765. An attempt to swing lower could find support and reverse around the weekly 100 SMA and around the horizontal levels at 0.9130 and 0.8320. A break higher could find resistance around the horizontal resistance levels at 1.0105 and 1.0300.
AUDCHF – potential selling opportunities around both the 100 and 200 SMA’s, around the trend resistance area and the horizontal levels at 0.6850, 0.7350 and 0.7725. A bearish move could stall or reverse around the recent swing low at 0.5665.
AUDJPY – the weekly trend resistance has broken and price action is forming a potential inverted head and shoulder pattern, all suggesting that the downtrend could be over. Trading opportunities could exist around the 2nd shoulder of the inverted head and shoulder reversal pattern (around 70.15), around the moving averages and around any of the identified horizontal levels at 63.50, 76.80, 84.00 and 90.50.
AUDUSD – clear bearish channel. Potential selling opportunities could exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 0.7380 and 0.8125. Price recently failed to reach the channel support area, signalling that AUDUSD may attempt a bullish move out of the channel.
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