Is the Bull Going to Take Over?
AUDUSD made a significant bullish move in the H4 chart. The pair after being bearish for some weeks got choppy in the H4 chart. However, it produced a bullish engulfing candle to close its trading week at a level of support, where the price had several bounces. The pair closed its trading week above the last swing high. It means the buyers may wait for the price to consolidate or make a bearish correction followed by a bullish reversal candle to go long in the pair. The pair may find its next resistance around 0.65350.
On the contrary, if the price does not find its support but makes a bearish breakout at the level of 0.62300, the sellers may go short in the pair and drive the price towards the South further.
Considering recent price action, the Bull has an upper hand here. Thus, the buyers may keep their eyes in the pair to find long opportunities next week.
On the contrary, if the price does not find its support but makes a bearish breakout at the level of 0.62300, the sellers may go short in the pair and drive the price towards the South further.
Considering recent price action, the Bull has an upper hand here. Thus, the buyers may keep their eyes in the pair to find long opportunities next week.
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