AUDUSD
Looking at Weekly TF
- We are still looking at a downtrend market with Higher high/ Lower high
- Trend is below 200 SMA (Pink Line)
- Rejection in Area of interest at 50 SMA and a strong resistance in .6801 - .6890 range
Looking at Daily TF
- We are looking at 2 scenarios
1. A potential continuation of downtrend in Weekly TF
- We are also taking into account the RSI that shows multiple divergence
On Position
- Will look for an entry at area of interest with 1:2 R:R
- Short : .6801 - .6890 Range
- Long : .6550 - .6510 Range
Looking at Fundamental
- China's economic recovery
- Fed officials take on Interest hike
- 2023 Recession