[m.youssif]

AUDUSD Forecast
The AUDUSD had a strong bullish momentum yesterday, topped at 0.9965 and closed at 0.9956 on a broad Dollar weakness. The bias is bullish in nearest term especially if price able to make another strong break above 0.9987 targeting 1.0030/70. Immediate support at 0.9885. Break below that area could trigger further bearish pressure testing the double bottom formation around 0.9800. We need a clear break below the double bottom formation to keep the bearish scenario intact. Otherwise, the double bottom formation can be a good reason to end the bearish phase and we may see further upside pressure aim for new historical highs. I personally still prefer a big bearish correction scenario, but we should trade what we see, not what we expect.

[m.youssif]

AUDUSD Forecast
The AUDUSD had a strong bullish momentum yesterday, topped at 0.9965 and closed at 0.9956 on a broad Dollar weakness. The bias is bullish in nearest term especially if price able to make another strong break above 0.9987 targeting 1.0030/70. Immediate support at 0.9885. Break below that area could trigger further bearish pressure testing the double bottom formation around 0.9800. We need a clear break below the double bottom formation to keep the bearish scenario intact. Otherwise, the double bottom formation can be a good reason to end the bearish phase and we may see further upside pressure aim for new historical highs. I personally still prefer a big bearish correction scenario, but we should trade what we see, not what we expect.