The technical analysis for AUD/USD on the daily chart indicates the formation of a bullish engulfing week, with the closing just below the resistance level of 0.6522. This suggests a potential breakout in the near future. Furthermore, a bullish engulfing day occurred on Friday, establishing support at 0.6450. The key consideration now is how bullish participation can be initiated. Entering trades at current levels poses the risk of a false breakout. Therefore, a low volatility retracement within Friday's range might be a more appealing strategy, as it has the potential to enhance the reward-to-risk ratio. The anticipated breakout could target a move towards the 66-cent handle, in proximity to the 200-day EMA.
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Last updated: 11/20/2023 06:22
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