AUDUSD:- Are We Going To See A Full Reversal
AUDUSD:- this pair certainly caught my eye this week. The weekly candlestick closing so positively after the flash crash scenario and making a full hammer reversal formation. I do believe this was a final liquidity push from the major corporation and institutions before flipping their bias's for the year ahead.
The weekly candle is a huge directional suggestion with price maintaining above 0.70500 a key level of support in recent months. Therefore, our bias for the coming weeks ahead is bullish.
Price currently sits just below a daily key zone 0.7150 and may provide us with a slight opportunity to see a pullback into the support level once again. That would be an area I look to get long again anywhere around 0.70700 with open upside targets as the swing potential may see this take out all previous resistance zones, specifically lining up with 0.77500 long terms.
If we fail to retrace and continue to push to the upside the next valid opportunity would be a daily break and closure of 0.71500 to confirm the resistance is broken.
All signs are positive for a swift recovery so my advice is to buy upon any form of pullback.