AUDUSD BREAKS WEEKLY TRENDLINE RESISTANCE
AUDUSD has finally broken higher on the Daily chart forming higher highs and even taking our the key weekly trendline resistance.
We have been talking about this for a while now as the Commitment of Traders long contracts have been increasing significantly of recent.
Combining this with AUDUSD being at a key support level of 0.7050 we expected the market to hold here and break higher. With that being
said we must be patient to see if the market agrees with our idea and now we have seen the market close above the resistance and previous
highs at 0.7160. We can now look for the continuation long trades on retracements.
We have been talking about this for a while now as the Commitment of Traders long contracts have been increasing significantly of recent.
Combining this with AUDUSD being at a key support level of 0.7050 we expected the market to hold here and break higher. With that being
said we must be patient to see if the market agrees with our idea and now we have seen the market close above the resistance and previous
highs at 0.7160. We can now look for the continuation long trades on retracements.