AUDUSD ANALYSIS WEEK OF JULY 31, 2016
Weekly:
Price is at major resistance area at 0.76000. The candle did not close bullish above last weeks candle followed by the bearish shooting star. Finding a nice short would be a good idea before its continuation up.
4 Hour:
Price is in a nice upward channel. I see a possible Head & Shoulders pattern forming. The right shoulder can possibly form in the price area of 0.76000 - 0.76500. Break of the neckline is a good area to enter for short. Next area to look at to long would be 0.72500 - 0.72800
Wishing everyone a good trading week!
Price is at major resistance area at 0.76000. The candle did not close bullish above last weeks candle followed by the bearish shooting star. Finding a nice short would be a good idea before its continuation up.
4 Hour:
Price is in a nice upward channel. I see a possible Head & Shoulders pattern forming. The right shoulder can possibly form in the price area of 0.76000 - 0.76500. Break of the neckline is a good area to enter for short. Next area to look at to long would be 0.72500 - 0.72800
Wishing everyone a good trading week!
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More up movement possibly.