AUDUSD Weekly Forex Forecast 3rd November to 9th November by yshashmi37 on TradingView.com

Midterm forecast:

There is no trend in the market and the price is in a range bound, but we forecast an uptrend wave above 0.7530 would begin in Midterm.
Technical analysis:

The symmetrical triangle taking shape and as a continuation pattern suggests we will soon see another leg higher if price breaks and closes above the downtrend line of the triangle.
The RSI downtrend #1 is broken, so the probability of beginning of downtrend is decreased.
While the RSI support #2 at 50 is not broken, the probability of price decrease would be too low.
A trough is formed in daily chart at 0.7600 on 10/26/2018, so more gains to resistance(s) 0.7705, 0.7820, 0.7910 and more heights is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 56.

Share This