Strong bounce can be seen around the 0.74500 area. Buyers have already made their move upwards, however, to consider this as a viable trade I would have to be sure that buyers are in control of price, and therefore for todays candle to close above yesterday's highs. In addition, be aware of the consumer price index report that may have a big impact on this trade.
Looking short on this pair, we can see some bullish movements on the smaller time frames with upside targets of 0.7500 then look for a possible short from 0.75500. We have a weekly Trend line bounce (Price Rejection). We have a possible bullish harmonic forming (if our second target has been met then the harmonic will be complete providing us with a potential long...
AUD/USD price action capped below 100-DMA at 0.7478, intraday bias lower.
Technical indicators on weekly charts are heavily bearish, scope for more downside.
On the daily charts, downside has held major trendline support at 0.7445. Weakness only on break below.
Momentum studies are bearish, scope for test of 200-DMA at 0.7396.
Violation there could take the...
AU at an important trend line on the daily. I'm expecting a bounce higher here but a break lower could produce an awesome bearish move. We may get a slight rest here or period of low volatility, and then a break lower, in which case should produce some excellent sell setups on lower time frames. Will be watching closely. Happy trading
AUD/USD is moving within a downtrend and reversed from the upper Line, also this Pair could not form a higher high. Selling the breakout of the ascending Trendline seems a good Idea
Trade safe, Daniel
With price currently at Support/Resistance "0.7275 - 0.7300' and potentially a bearish pin bar forming 'Daily" we could see price break out of this area creating new lows.
To confirm this move i would like to see a retest and relevant price action as a signal to eventually execute a sell order.
The pair is in a down trend now and currently correcting up after last impulse down, it looks safe to assume that the down trend would continue with a break to the downside from the current corrective structure so a short opportunity exists here.
Note: While the assumption is we will go down sell only if it breaks the current correction to the downside, selling...
Looking at the lower price rejection, I would be looking for a move to the value area high at 0.7686. There is no reason for price to head lower. With my opinion of a mid-long term weak USD and metal prices picking up, this provides an upside bias on AUDUSD.
On Friday we saw a bearish pin bar form at resistance "0.7700"
We could potentially see more downside momentum on this pair this week.
A break and retest of "0.7500" will confirm further selling pressure.
Data on the number of US weekly jobless claims is better than expected. Bullish for US DOLLAR.
Taken the opportunities on the positive data from US jobless claims, I've set 3 pending orders for short on this pair for 3 initial targets. Total of 218 pips.
3 TP was set for 3 orders. 2 closed. I still expect the pair to continue fall towards the level of 0.7490....
this is what i think is going to happen. i will wait and see what happens later on to decide on what to do. Looks like a faint rising wedge which indicates a possible down move soon.
Currently short on the daily & 4hr charts.
- Big news will impact trades
- Long (weekly) trades will probably be safer.
- Monthly fib
- Downward trendline that has been tested 1 strong time so far.
- Daily/Weekly long term trade.
- Similar to the price action of USD/JPY that we profited from recently.
