Keep your eyes on this for tomorrow post NFP FIGS.....
Okay so we can see by the charts the Aussie dollar has enjoyed a nice rally from trend line support to trend line resistance, mainly due to USD weakness, It peaked out at about 0.8100 approx, and since then the wheels have fallen off the cart
Based on poor retail sales figs yesterday, and the RBA's words when they left the cash rate unchanged , I feel there is still further to go for this pair if the NFP figs come out positive tomorrow.
It has had rejection at the 0.786 fib line and the sellers have stepped in again, I feel this could drop again to the 0.77-0.7750 zone where there has been resistance in the past .
Entry post NFP figs if positive @ MKT
Stop @ 0.7900 just above the 0.786 fib level
TP @ 1 - 0.7750
TP2 @ 2 -0.7670 just above the 0.618 fib line
Stay tuned people .........
Based on poor retail sales figs yesterday, and the RBA's words when they left the cash rate unchanged , I feel there is still further to go for this pair if the NFP figs come out positive tomorrow.
It has had rejection at the 0.786 fib line and the sellers have stepped in again, I feel this could drop again to the 0.77-0.7750 zone where there has been resistance in the past .
Entry post NFP figs if positive @ MKT
Stop @ 0.7900 just above the 0.786 fib level
TP @ 1 - 0.7750
TP2 @ 2 -0.7670 just above the 0.618 fib line
Stay tuned people .........