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WILL AUDUSD CONTINUE HIGHER?
In this week’s newsletter we are going to investigate the recent breakout on the AUDUSD. The Australian Dollar was the strongest currency of last week and if this continues, we could see the daily uptrend continue on the AUDUSD. The USD remains weak in line with our seasonal bias making it a likely pair to trend.
As we can see from the chart above the weekly candle was a strong bullish close. This closed above a trendline resistance and could lead to further upside.
If the weekly timeframe is showing us a bullish impulse phase, we should see an uptrend forming on the daily timeframe.
The daily timeframe has formed a new high after forming a higher low. This should continue in line with the strength and weakness of the currencies.
If we are looking for buyers to step back into the market, we can identify the most traded level using the volume profile.
The highest traded volume within the recent consolidation is 0.76268. If the price retraces back to this level, we could see the trend continue from here.
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