Dear traders,

It has been a sunny summer and I have been away.

The last time I wrote an analysis was on GBPUSD.

The price has been range-trading ever since.

It initially went down, but then resumed its uptrend to only find more resistance and now is currently trading lower again.

Where can it go from here is a good question.

I am currently not looking to open any new positions since there is no clear indication of momentum.

AUDUSD Trading Analysis 27.07.2023

Today, I am looking at AUDUSD.

It looks like the pair is ready for some new highs.

There is a bullish engulfing candlestick pattern on the daily.

It looks like a minor demand zone has been tested and this gives me further confidence in the bullish bias of this pair.

I will be looking for a possible retracement before taking any action.

I would be happy to see the price going back to 0.6700 and forming a bullish candlestick pattern.

if not, there is a small chance that the price might continue its downfall.

Happy trading,

Colibri Trader

P.S.

Have you read my Pump and Dump Trading Strategy article yet?