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AUDUSD This week 7-11 May 2018
AUDUSD – Aussie/dollar consolidates after hitting key support The AUDUSD downtrend continued last week but price did slow its descent as it hit 0.7500 key support area and moved sideways into the week’s close. The trend is still intact and there’s plenty of bearish overhead pressure and resistance, so the path of least resistance is still downward. We will watch for strength this week, or an upside rally, to be a seller from resistance near 0.7650 to 0.7800 on a pr…
AUDUSD – Aussie/dollar consolidates after hitting key support The AUDUSD downtrend continued last week but price did slow its descent as it hit 0.7500 key support area and moved sideways into the week’s close. The trend is still intact and there’s plenty of bearish overhead pressure and resistance, so the path of least resistance is still downward. We will watch for strength this week, or an upside rally, to be a seller from resistance near 0.7650 to 0.7800 on a pr…