Verdict:
Bullish for next Week

Plan of action:
Buy: 0.63835 (after retrace)
SL: 0.63508
Target: 0.64941

AUDUSD is a forex instrument that has 5.4% of trading volume.
AUDUSD have been consolidatiing in the rectangle for past 2 month. It break to the downside but proved to be a fakeout. and market reversed and ended up back in channel.
AUDUSD is expected to be bullish for next week.

Reason:

  1. Fakeout and very nice volume comeback to channel.
  2. Price > 5 EMA >13 EMA
  3. Bullish pattern formation after fakeout. right time to make position.
  4. RSI > 50 Bullish Zone.

 

*****Disclaimer:*****

The information provided in this blog post is for informational purposes only. It is not intended as financial, investment, or trading advice. The author is not a licensed financial advisor or professional.

Trading and investing in financial markets carry inherent risks, and past performance is not indicative of future results. Readers should conduct their research, consider their risk tolerance, and consult with a qualified financial advisor before making any trading or investment decisions.

The author is not responsible for any financial losses or gains that may result from actions taken based on the information presented in this blog post. All trading and investment decisions are made at the reader’s own discretion and risk.

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