Hello everyone. Here we have the AUD/USD weekly chart. As we see we have a strong breakthrough of the down channel. I note here that you should go to the monthly chart and draw the same channel as on this chart, to see that this down channel on the weekly chart is actually a bull flag on the monthly chart. Also, we can see the formation of a big head and shoulders on the monthly chart, which can be a sign of a big long-term change in the game for this pair. However, playing head and shoulders on a monthly basis takes months, maybe even years. But in the short term, we should watch out for the bullish mood and not try to go against the trend (unless we get some really extraordinary signs of reversal). With all this in mind, I would like to get a ROUNDED retest of this down channel and establish a long position at that point. Also keep in mind that AUD is considered a commodity currency, so some headlines will still affect AUD.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.