AUDUSD – Where To Next?

09 Apr - AUDUSD Weekly Forex Chart

(Click on image for larger view)

Hi All,

Just a quick update on this currency pair. As I’ve mentioned a few bullish patterns in the past (see article), these patterns have once again proven itself to work. The real question now is where will the Aussie go next?

Looking at the weekly chart above, price is about to meet with a strong resistance level (~ 0.94), this has been tested in Oct 2007, Nov 2009, Apr 2010 and Sept 2011. I think that is more than sufficient to qualify as a strong level.

09 Apr - AUDUSD Daily Forex Chart

(Click on image for larger view)

Meanwhile, coming back to a closer price action, price is very bullish but it looks like it is in need of a correction. With that, I’m looking for 2 potential pullbacks either before the resistance level or after it. Who knows what’s going to happen but it price meets my plan, I’ll be taking another few more entries.

Thank you for reading and happy trading!!

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