AUD/USD Weekly outlook 19 March – 23 March
The Aussie last week initially fell off against the Dollar, before finding strength once again and pushing higher. The weekly chart closed as a bullish pin bar suggesting the bulls may take back control in the coming week.
Last week’s bullish candle, found support at the 1.0400 area which in the past has proven a strong support level.
With the strong bullish pin bar seen last week rejecting a good support area we’ll be looking to long the pair with initial targets at the 1.0800 area which is the next level of resistance the pair may face.
We’ll look to enter at a 50% retracement of last week’s candle placing our stops just below last week’s lows giving us a good R:R trade.
