More Buys This Week for AU

Last week, AU did a hard retracement as it bounced off a weekly support line at 0.69955.

If you look at all timeframes coming down from the monthly you will see the following:

Monthly - Currently making a HL (That can continue to push down)
Weekly - Currently at a LL but had to deal with a daily timeframe retracement.
Daily - Currently formed a new low to close December 3, 2021 and started the week with a massive buy for over 200 pips.

H4 is the biggest timeframe that is currently at a new high, however that high was a temporary break so that the Daily timeframe can fulfill it's duty to make a LH in order to continue the downtrend.

As for this week, I expect more buys until the LH comes on for the daily timeframe.

The next levels of resistance I will be watching are from October 9, 2020 (0.72418) or a previous H1 resistance area from November 22, 2021 (0.72725).

If price comes and makes a LH on the daily timeframe and respects the daily structure of the LH from the previous low, then that will be an indication for me that the sell move has restarted and it is time to take more sell moves.

Happy Trading!AUDUSD