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AUD/USD Daily Outlooks

AUDUSD Accumulating Strength off Weekly Support – Potential Buy?

audusd support holding

The AUDUSD daily chart has been an absolute mess as price grinds and churns above a very stubborn support level. Some traders would call this type of pattern ‘accumulation’ as lots of money exchanges hands and the market prepares to make a major reversal.

We can see an obvious containment line here stopping prices from moving any lower, everytime price has tested this level the market has reacted with bullish aggressiveness.

This session we’ve seen the market ‘test and bounce’ off this level as prices push higher off this level ones again. The daily candle could close as a counter trend bullish rejection candle and present a nice buy opportunity for those risk savvy traders looking to take the chance of catching a major reversal.

Just remember the market looks like a mess at the moment, so there is a good element of risk here – but when risk tips the scale down on one end, reward potential is lifted on the other. Let’s see how this market plays out this week.

Dale Woods

Dale Woods

The Forex Guy is an educational Forex trading blog run by Dale Woods who has been a passionate retail Forex trader for over 6 years. Dale trades the Forex market exclusively with price action based methodologies, believing price action trading to be one of the powerful approaches used the market today, and really is the core foundation of any good trading system. Dale also strongly believes in keeping charts clean and keeping things simple, logical and uncomplicated. By making trading decisions straight off the raw price action data, you can ‘bypass’ unnecessary variables like exotic indicators, trading robots or magical pivot levels. Dale enforces the idea that there is hardly any edge trading news and economic data releases and much prefers to make trading decisions straight from the candlestick themselves. ‘The Forex Guy’ is dedicated to providing knowledge to serious and passionate traders who want to learn the art of price action trading, positive geared money management and how to psychologically condition themselves to become a professional trader.