Okay a good looking chart , its approaching the 0.618 fib line fast , In my opinion this has further to go, the AUD is creeping higher off the back of CNY data, and the cross pair AUD/USD is still creeping higher for now .
There are some factors in play here though :
1. We will not be entering until post USD CPI data today @ 13.30
2. If the Greenback posts good figs, this will cause the USD bulls to get stirred up and the pair mentioned earlier will start to retreat off the back of profit taking , this could have an effect on our cross pair , but it could also play in our favour on the USD/JPY cross rate . For this reason we will be watching to gauge the MKT reaction before we go long, as the 0.618 could act as support and not resistance.
3. If the Tier 1 data disappoints today then up we go for sure.
4. Monday, Tuesday and Wednesday next week are where its at for the AUD, so expect this to get thrown around a bit !! again all this could play in our favour .
5. Its a risk on tone right now, JPY outflows are taking place.
So long entry post US Data, will post all entry levels, stop loss and profit targets then ...
Stay tuned and happy trading and always remember its not all about work , Enjoy your weekend, I hope you have a good one where ever you are.
There are some factors in play here though :
1. We will not be entering until post USD CPI data today @ 13.30
2. If the Greenback posts good figs, this will cause the USD bulls to get stirred up and the pair mentioned earlier will start to retreat off the back of profit taking , this could have an effect on our cross pair , but it could also play in our favour on the USD/JPY cross rate . For this reason we will be watching to gauge the MKT reaction before we go long, as the 0.618 could act as support and not resistance.
3. If the Tier 1 data disappoints today then up we go for sure.
4. Monday, Tuesday and Wednesday next week are where its at for the AUD, so expect this to get thrown around a bit !! again all this could play in our favour .
5. Its a risk on tone right now, JPY outflows are taking place.
So long entry post US Data, will post all entry levels, stop loss and profit targets then ...
Stay tuned and happy trading and always remember its not all about work , Enjoy your weekend, I hope you have a good one where ever you are.
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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.
Disclaimer
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.