AUD/USD: watching to see where the weekly candle closes

The AUD/USD is up testing a major 3 1/2 year Bear trend line and this resistance is best viewed on the weekly and monthly charts. Thus, IMHO, traders need to see a weekly candle close above this higher time frame trend line, at a  minimum, before being confident of any potential bullish outbreak.

NB: I’m heading to Melbourne shortly so further updates will be brief and possibly delayed until Monday.

I’ve used my Profit Source charts for the higher time frame charts here as I don’t get parallax problems when moving between different time frames. I do find this a problem with MT4.

A/U monthly: watch where and how the monthly candle closes here too though.

AUmonthly

A/U weekly: price is testing the 3 1/2 year Bear trend line here so watch for any weekly close above this resistance. Any bullish breakout will have me looking for tests of higher Fibonacci levels.

AUweekly

A/U daily: I do note that the Thursday closed with a bearish-reversal ‘Shooting Star’ candle. Thus, watch for any pause or pullback here at this major resistance zone. I wouldn’t expect this level to be given up easily, if at all.

AUdaily

A/U 4hr: any failure to close above this Bear trend line will have me looking for a test of the 50% Fib down near the key 0.76 level or even the 61.8% fib down near the recent support trend line, monthly pivot and 4hr 200 EMA:

AU4

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