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Here are my analysis and price action forecast for AUDUSD for 1st week of February 2014.
1) Weekly Chart: We can see that price broke a significant demand zone between 0.8840 - 0.8890 couple of weeks ago.
2) Daily Chart: Price retested this zone after breakout and in doing so created a nice supply zone on daily time frame and this zone is holding price for now. Overall trend on Daily looks bearish as price continues to make lower highs and lower lows and in doing so creating supply zones.
I am expecting bearish price action on this pair taking it down to 0.8575 to 0.8525 zone, where we could see some buying interest.
1) Weekly Chart: We can see that price broke a significant demand zone between 0.8840 - 0.8890 couple of weeks ago.
2) Daily Chart: Price retested this zone after breakout and in doing so created a nice supply zone on daily time frame and this zone is holding price for now. Overall trend on Daily looks bearish as price continues to make lower highs and lower lows and in doing so creating supply zones.
I am expecting bearish price action on this pair taking it down to 0.8575 to 0.8525 zone, where we could see some buying interest.
