Dear traders,

It has been a while I have not posted a trading analysis, but here is my latest one.

Just a quick recap before that on what I was looking at a few weeks ago.

I was tracking the German stock market and it was looking poised for a bearish correction.

Indeed this is what happened.

DAX went down over 600 points before finding ground and settling at this level.

Currently, it is range-bound between an area of support and resistance.

AUDUSD Trading Analysis 22 July, 2021

Today, I am looking at AUDUSD.

I am looking at the Weekly chart and it looks like price is getting ready for a bullish continuation.

There is a major support level and the weekly candle is a pin bar.

ATTENTION: the weekly has not closed yet, but we are 1 day away from Friday.

So, I will be paying very close attention to it in the next 24 hours.

If all goes according to plan, next week might be a bullish week for the Aussie.

I would ideally like to see a daily and 4H confirmation before committing to a trade.

Happy Trading,

Colibri Trader

p.s.

Have you checked my article on 5 Fundamental Trading Strategies?