Don't get too bearish on AUDUSD just yet...
Hello all
Hope everyone is having a fantastic weekend. I was doing my weekly analysis and was looking at AUDUSD. This is not a trade setup. Just a correlation study. If you guys see here, i have a chart of copper up and purple line is audusd. Copper is in downtrend from 2013 which ended in 2017 and it's trading above monthly kijun now and currently testing support. It's still below cloud however which can provide resistance again. Noone knows how far it can go. Aussie follows it pretty good. I expect copper to move higher after consolidation is over. Monthly macd is also crossed up. AUDUSD is bouncing from weekly support as well. It can still go sideways or make a new low and kill the longs before the rip. I did a post on AUDUSD few days ago and you can see some good trendlines in play here. Keep an eye on copper in coming weeks.Copper and AUDUSD can provide some clues on metals in general.
Thought to share with you all.
Thank you.
Hope everyone is having a fantastic weekend. I was doing my weekly analysis and was looking at AUDUSD. This is not a trade setup. Just a correlation study. If you guys see here, i have a chart of copper up and purple line is audusd. Copper is in downtrend from 2013 which ended in 2017 and it's trading above monthly kijun now and currently testing support. It's still below cloud however which can provide resistance again. Noone knows how far it can go. Aussie follows it pretty good. I expect copper to move higher after consolidation is over. Monthly macd is also crossed up. AUDUSD is bouncing from weekly support as well. It can still go sideways or make a new low and kill the longs before the rip. I did a post on AUDUSD few days ago and you can see some good trendlines in play here. Keep an eye on copper in coming weeks.Copper and AUDUSD can provide some clues on metals in general.
Thought to share with you all.
Thank you.