AUDUSD Weekly Musings

Last week opened with a 60 pip or so gap to the downside.

The gap was covered then price took a dive again and most of the week was spent around .88 to .885

The last 12 hours saw a 140 pip move up making the weekly candle a bullish engulphing candle.

Again cases can be made for either upside or downside bias.

To the upside we have positve swap, a bullish engulphing candle, a weekly channel up and strong momentum up on lower time frames.

Bears will note strong resistance levels around .92 to .94 as well as the channel down on the daily.

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This is not a recommendation to trade.