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Audusdlong

AUDUSD might pumping after correctionSeveral weeks ago I expect it will going down retrace to price 64¢ but it didn't, it was pumping from 65¢ and broke the strong resistance swing high at 68¢, after that correction to strong support at 66¢ before it pumping hard again to test that 69¢, but unfortunately not yet touched. Usually when the price doesn't touched particular strong round number (almost touch 1-3 pips), once again when it comes to that price, it will break the price like it was nothing (long bullish/bearish candle close above/below the strong price). Actualy I had sell limit at 69¢ several weeks ago but the price didn't take my sell order (missed less than 2 pips). Now the market structure is clear, bull domination. Usually price will spike to 60-70 pips before it going in favor (downward). I expect will correction to 67¢ for buy opportunity to test the new resistance at 69¢ (200 pips). It was consolidating 100 pips between 66¢ (minor support) and 67¢ (minor resistance) for 10 days before it pumping hard broke the 67¢ after USD high impact news released (CPI data) and this mean this (67¢) is strong demand on daily or weekly chart (spot the move without change to daily or weekly chart). I'll looking the price to build minor structure on smaller timeframe such as H1 before take consideration to sell for corrective moves. What do you guys think?
Long
by UnknownUnicorn33119711
A lower correction expected from AUDUSD.AUDUSD - 24h expiry Previous resistance level of 0.6705 broken. Short term bias has turned positive. We are trading at overbought extremes. A lower correction is expected. We therefore, prefer to fade into the dip with a tight stop in anticipation of a move back higher. We look to Buy at 0.6625 (stop at 0.6590) Our profit targets will be 0.6715 and 0.6730 Resistance: 0.6810 / 0.6890 / 0.7010 Support: 0.6620 / 0.6460 / 0.6380 Risk Disclaimer The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
Long
by OANDA
1
AUDUSD - Are The Bulls Getting Ready To Push Price Higher?Analysis: When we look at price action we've recently seen a strong rejection off of an area and price is making a move back down however we see this as a buying opportunity. If we look at price action before this rejection we can see that price did indeed form a higher high and a higher low showing us that we're in an upwards trend. This higher low hasn't yet been broken so we're still in that upwards trend. At the start of June there was some real strong momentum on the AUDUSD for the bulls and it looks as if they are currently taking a break before we see a continuation higher. This position will also hedge our other USD long positions so if we are incorrect about the USD strength we expect then we will still be able to profit. As a professional trader you need to remember that your job isn't to make a million percent in a year. It's to make a consistent profit whilst managing your risk. If you can't manage risk then you won't make it as a trader and that's the harsh truth. Hedging allows you to diversify your risk which is why we like to do it here at JPI. Were price is currently is an interesting area to us because if we look left on the chart we can see price has held this zone multiple times as support previously and we expect that this will happen again as very often we see this. For more confluence we saw slowing down momentum for the bears at the start of the week as the candles were very small and were indicating a possible reversal. This was also where the 50% fib retracement level was so there was even more confluence that price was going to reverse there, however we were more interested in level slightly below. Early this morning we had some worse then expected news for the AUD so we saw price push down and tag the 61.8% fib retracement level which is often classed as the strongest fib level and we expect that this is were buyers will be sat at wanting to push price higher. With the slowing bearish momentum that we saw this week around the 50% fib retracement level and with the 61.8% fib retracement level being tagged this "golden zone" which is just the area between the 50% fib retracement level and the 61.8% fib retracement level looks like a great place to enter long from especially from our area which is also in this "golden zone". For more confluence we also have an upwards trendline. This trendline is better seen on the weekly timeframe. When this level has been touched before we've seen bulls step in and push the market higher so we'd expect this to happen again. This trendline is below our entry but above our stop loss so if we we're to go into drawdown then there would be a strong level where we'd expect buyers to step in so this gives us more confidence in our setup. Why don't we enter at this trendline then? Well where price is at currently looks like a stronger area for possible reversals and we don't want to miss this trade as it's a good setup. The upwards trendline is just another confluence to add to our bullish thesis. Fundamentally as of the most recent report on institutional positioning the USD is the strongest major currency whereas the AUD is the 6th strongest major currency so this doesn't go in our favour. However if we dig a little deeper you can see why we currently prefer the AUD over the USD. As of the most recent report on institutional positioning we saw a decrease in both short and long positions on the USD so this is pretty neutral but on the AUD in regards to the most recent report for institutional positioning we actually saw an increase in long positions and a decrease in short positions which is very bullish. This could be early signs that we could see some bullishness for the AUD in coming weeks. Although the AUD news this morning wasn't positive we still have loads of confluence factors pointing to bullishness on the AUD which is why we have an overall bullish view on AUDUSD. Please feel free to leave any comments you have and like this idea if you agree with us. Any feedback or comments will be read and responded to. We any comments at all so thank you! Stay Safe - The JPI Team Disclaimer: This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profitable with and we take losses just like everyone else does too. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.
Long
by jpeacockfx
16
AUDUSD to turnaround from current support?AUDUSD - 24h expiry We are trading at oversold extremes. Posted a Bullish Hammer Bottom on the 1 hour chart. This is positive for short term sentiment and we look to set longs at good risk/reward levels for a further correction higher. Although the anticipated move higher is corrective, it does offer ample risk/reward today. Further upside is expected although we prefer to buy into dips close to the 0.6650 level. We look to Buy at 0.6650 (stop at 0.6620) Our profit targets will be 0.6725 and 0.6750 Resistance: 0.6725 / 0.6810 / 0.6890 Support: 0.6620 / 0.6460 / 0.6380 Risk Disclaimer The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
Long
by OANDA
Who's Right? Hawk Economists vs. Dove Traders - RBA meets TodayYesterday, the AUD/USD experienced its third consecutive day of growth. However, the upward trend is expected to face obstacles during Tuesday's trading session due to the impending Reserve Bank of Australia meeting. Despite some analysts adopting a more hawkish stance and predicting a rate hike as the most likely outcome of today's meeting, money market traders have reduced their forecast to a one-in-three chance of an increase, down from 40 percent on Friday afternoon. Although inflation numbers in Australia have slowed down, the Consumer Price Index remains above the target range, while the key interest rate stands at 4.1 percent, below the CPI. Furthermore, recent remarks from RBA Governor Lowe have maintained a hawkish tone, leaving the possibility of further rate hikes open, even after two unexpected increases. As US markets remain closed in observance of Independence Day, the AUD/USD has been consolidating at 0.66700 prior to the RBA decision. With conflicting views from economists and traders, the meeting's outcome has the potential to inject some volatility into the pair. In terms of potential resistance levels, the initial zone to watch out for is around 0.66900, followed by 0.67200. However, it is important to note that considering the RSI's decline below the 60.00 level, the upward momentum has weakened. Nevertheless, the overall inclination remains biased towards the upside. Therefore, exploring higher levels may not be immediately feasible.
by BlackBull_Markets