$AUDUSD failed to rally from the buy zone I mentioned in my previous analysis and decline below 0.715 till it met the uptrend line created by previous lows.
Two bullish scenarios I'm monitoring towards next week (notice RBA rate decision):
1. A close above the 50 SMA line - The price will remain above the uptrend line and will turn the 50 days MA to support
2. If the price will decline to re-test the previous lows, it may create an Aggressive C buy zone near 0.7 for a bearish 3 drives pattern (see potential R/R in the chart)
Tomer, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters- To read more interesting technical reviews - goo.gl/jM5d1P
To subscribe to the newsletters - goo.gl/JfOLoR
Two bullish scenarios I'm monitoring towards next week (notice RBA rate decision):
1. A close above the 50 SMA line - The price will remain above the uptrend line and will turn the 50 days MA to support
2. If the price will decline to re-test the previous lows, it may create an Aggressive C buy zone near 0.7 for a bearish 3 drives pattern (see potential R/R in the chart)
Tomer, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters- To read more interesting technical reviews - goo.gl/jM5d1P
To subscribe to the newsletters - goo.gl/JfOLoR
