AUDUSD Technical Analysis - Newbie Forex Trading

The following AUDUSD technical analysis shows that the Aussie may be in an interesting area for a bullish reversal
On the weekly timeframe, the volume profile shows tha the Australian Dollar vs the US Dollar, found buyers at the value area low (VAL)
The VAL is the lowest price in the Value Area. Traders often use and look at the VAL as a place where prices are likely to support or push against each other. Because this area is both a support and a resistance, traders often use it (along with other methods and indicators) to enter and exit trades
AUDUSD last week presents a bullish candle with an attractive lower wick for the bullsih case
AUDUSD this week presents a candle that is still in process. Still, its high has taken out the high of the previous week, which strengthens the bullish momentum. Traders that seek a greater level of confidence would wait apx 3.5 more days for the close of this week’s candle
A chart pattern of a channel that is also a potential bull flag is shown in the chart below, and is important to watch. The AUDUSD should not close a daily candle below the channel, nor below a key support of 0.675. If it does, the bulls case is dismissed and the bears regain control. Traders should watch that “line in the sand” for the Aussie

AUD technical analysis, weekly candles

The following AUDUSD technical analysis video details the above as well as presents a technical snapshot of a lower ( 4 hour ) timeframe. While we do not present a trade idea here, traders that feel they “must” get into this market, may consider looking at the VWAP of 2 days ago as a possible entry. As always, they should have a stop, which is detailed within the video

In summary, the Aussie dollars looks interesting for the bulls in this area, as long as a daily candle of AUDUSD does not close below 0.675
Trade the Australian vs the US Dollar or any other Forex pair, at your own risk only, and visit ForexLive for technical analysis and interesting perspectives.