Forex Analysis - Audusd

Weekly Analysis

I will be watching this pair like a hawk for this week. Looking on the weekly chart of #audusd above, we can see price is in an ascending wedge. Currently about to make contact at the bottom of wedge (trendline) which is a very critical area we can see one of two things happening at this point:

ONE
It touches the bottom of the wedge finds support then reverses and go back to the top of the wedge.

or

TWO
It breaks the wedge and continues down.

Daily Analysis

Looking a bit closer on the daily chart (below) we can see inside of the weekly wedge price is in a falling channel which is what I will use to determine when I'm going to enter this trade. If it breaks outside of the DAILY CHANNEL to the upside convincingly I will buy and if it breaks out of the WEEKLY WEDGE convincingly I will sell.

Whatever this chart decides to do I will be taking a trade on it this week. Let's follow this trade together and see where it goes. Pretty nice #forex setup.

Remember to wait for the breaks guys don't try to predict where it will break.

Hey @forexbrokr check this out.