WEEKLY AUDUSD - This week's trade idea and technicals
Last week’s signals continued to point lower and these were confirmed with sentiment posting a 2nd lower weekly high in a row and an initial loss of 1 Big Fig. However, buyers returned to the market on Friday from close to .6998, a 50% pullback to this year’s bounce, sentiment improving to end a sequence of lower daily highs. Further improvement should be temporary, but for this week signals have switched to cautiously bullish and the call is to buy on the open and then at .7016, Friday’s opening trade with a stop loss at .6928, a deeper 62% correction to the 2019 rally. Targets are to .7083, Wednesday’s open, .7119/23, March’s tops and .7199/07, the 2 & 3 week high trades.
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