The Australian dollar rallied last week to continue its grind higher. The fact that we closed at the very top of the weekly candlestick does suggest that perhaps we will try to continue, but we also noted that several of the candlesticks for the week ended up forming long wicks to the upside. It is because of this that I believe that even if we do have a positive week here, the upside is somewhat limited when it comes to the Aussie dollar itself. To the downside, I would look at the 0.71 level as a very significant support level.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.