Currency Update – Pair AUDUSD

Update for Currency Traders

Short Term View 

On Daily chart – Price has made a lower low and lower high indicating “downtrend”.There is “bearish flag pattern” formed inside the channel. There is a “hidden negative divergence” also formed.So my view is “Bearish” expecting the price to retrace to 0.725 – 0.715 range. Below is the Daily chart for the reference.

Daily Chart

Long Term View 

On Weekly chart – Price has made an “Inverse Head & Shoulder Pattern” and after breaking the neckline upwards, It is coming down to retest the neckline again. So my view is “Bullish”.
Buy on Dips around 0.725-0.715 range for a Target of 0.82-0.85 levels.Below is the weekly chart for the reference.

Weekly Chart
Disclaimer

I'm not a SEBI Registered Investment Advisor. Above Views are only for Educational Purpose. Equity, Commodity & Currency Trading has large potential rewards, but also Large Potential Risk. You must be aware of the risk and willing to accept them in order to invest in the markets. Don't trade with the money you can't afford to lose. This page is neither a solicitation nor an offer to acquire/sell any script. Please consult your financial advisor to take appropriate investments as per your risk profile. The past performance of any investments is not an indication for future returns.

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