AU Weekly Analysis
1. The pair has break below the consolidation range at 0.7325, exposing the downside at the next support 0.72.
2. The pair has printed a pin bar formation as it quickly challenged the downside at 0.72 and was rejected sharply as it found strong support.
3. If the pair can make a sustained break above 0.73-0.7325 region, the recovery is likely to extend towards 0.745 region where it will meet the weekly downtrend and the EMA 21. On the flipside, if the pair failed to stay above 0.73, it will likely retest the downside at 0.72 region.
Bias
Long-term: Bearish
Short-term: Bullish
2. The pair has printed a pin bar formation as it quickly challenged the downside at 0.72 and was rejected sharply as it found strong support.
3. If the pair can make a sustained break above 0.73-0.7325 region, the recovery is likely to extend towards 0.745 region where it will meet the weekly downtrend and the EMA 21. On the flipside, if the pair failed to stay above 0.73, it will likely retest the downside at 0.72 region.
Bias
Long-term: Bearish
Short-term: Bullish
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