AUDUSD Trading Idea for the coming week of 29-April-2019

AUDUSD fell hard last week partly due to USD strength and largely on Wednesday due to weak CPI data from Australia. However, AUDUSD formed a hammer on Thursday on daily chart and on Friday bounced upwards, confirming the support present at 0.70 level.

The bounce up on Friday is due to USD weakness on Friday.

Trading Preference
USD is expected to go into a correction in the coming weak, therefore, we can expect AUDUSD to rise up from here, possibly towards Fibonacci retracement level of 50% or 61.8%.

Possible trade entries can be from 4-Hour timeframe.

Any supportive candle on H4 next week could be a buying opportunity, with the targets being 0.7071 and 0.7097.
Disclaimer: Our analysis and forecasts given on this website are just our point of view about the market. It is not a trading signal or investment advice. 

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Amir is a graduate in International Economics. He has been active in the financial markets since 2014.

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