AUDUSD ANALYSIS

AUDUSD (downtrend exaustion)

It seems  that it has bottom. As it can be seen in the weekly  chart  below  we  have  a histogram bullish divergence and a bullish  MACD cut. Although  the downtrend seems still  intact i expect  a small  pull back to 0.8830-40 before another leg up  targeting  0.9375   

In the other hand, the daily  chart  has already indicated that dowtrend   is  exausted and   a reverseal  is imminent. The pair has  managed  to  break  above the ma's but failed in its first attempt  to break  0.9085 (a previous top) since the cloud wasw really  thick.  As aresult it has retraced before another attempt higher targeting the 200ma. Critical supports are  0.8846 (previous low) and  0.8820 (st)

My bullish  thesis  for this pair  will  be invalid if  we have a daily  close below 0.8820 and a weekly close below 0.8830

WEEKLY

DAILY