AUDUSD Consolidating Near Weekly Chart Downchannel Resistance
AUDUSD Weekly/Daily/4hr
The (AUDUSD) is edging higher as its month plus consolidation around downchannel resistance (on the weekly chart) approaches completion. Regardless of any retest of the consolidation range low next week, the AUDUSD has all but made a major bottom in October, halting a slide since early 2021 (as can be seen easier on a monthly chart on tradingview.com). Any test of the 50% Fib retrace of the slide from the April peak to the October low will likely have to wait though until at least late next week. Watch for potentially sharp volatility going into mid next week with lower liquidity as a result of the holiday. The escalation in the Ukraine-Russia conflict deserves close monitoring. Congratulations to paying subscribers who benefited from the Oct 31, 2022 analysis suggesting another effort at forming a major bottom. The weekly and daily RSI, Stochastics and MACD are bottomish or rallying. I am looking to enter long in the green zone (of the daily chart), targeting the red zone for Thursday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter). Hope you’re enjoying the holiday season, and have a fantastic 2023 ahead! Click here for analysis on GBPUSD, S&P500
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On the date of publication, Darren Chu did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
