AUDJPY & AUDUSD weekly forecast for the week of Oct. 30th
This week we are going to be looking at two AUD pairs markets this week, AUDJPY and AUDUSD. We will be looking at swing trade possibilities for these markets.
we see price has been in an uptrend. Price is now retracing back down to daily demand at 87.25 and we will see if it will break the previous pivot at 87.25. The last pivot barely touch daily demand before it went back up to the high. As price comes into this daily demand zone I think it will break below $87.25 and bounce somewhere in the lower part of the zone as dictated by support and resistance concepts.
we see price headed down fro mthe high at .8125. I believe that this market is in a newly formed downtrend and we will be sing .76 way before we see the previous highs again. Because price has broke two other daily low pivot points at .7808 and .7734, we can now classify this as being in a down trend. Watch out for daily demand at .7600 down to .7519 as the next true resting stop for price there maybe also be a slight josel here at .7709 as we have a previous high flip flopping into some support. I don’t believe that this area however will be anything of consequence as price is in this new downtrend.
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