AUDUSD | Perspective for the new week
It has really been a while since I visited this pair but the current structure appears to be promising as I see a defiant level packed with selling pressure @ $0.73400.
The AUD/USD pair has continued in a predictive pattern with a second consecutive week in a tight 100 pips’ range since hitting its highest level in recent times @ $0.73400. Despite rallying during the trading session on Friday, we are still stuck in the same range giving the impression that Buyers at this juncture lack the momentum to push the price above its previous high @ $0.73400 hereby opening a window for a counter-trend possibility.
Tendency: Downtrend ( Bearish )
Structure: Channel | Reversal pattern | Supply & Demand | Trendline
Observation: i. Despite structure screaming "Bullish!", we might be in for a correction phase this week in anticipation of a rally continuation.
ii. $0.73400 level has been respected since the beginning of this month at six different occasions making this a strong Supply zone.
ii. A sharp rejection of $0.73200 level on Friday despite a rally insinuates there might be a Breakdown of Trendline in the coming week.
iii. With the high expectation of a Trendline breakdown @ $0.72700, I shall be keeping tabs on my Demand area @ $0.72200 for a significant Breakdown which shall confirm Correction of the Impulse leg.
Trading plan: SELL confirmation with a minimum potential profit of 200 pips.
Risk/Reward: 1:5
Potential Duration: 5 to 10 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
The AUD/USD pair has continued in a predictive pattern with a second consecutive week in a tight 100 pips’ range since hitting its highest level in recent times @ $0.73400. Despite rallying during the trading session on Friday, we are still stuck in the same range giving the impression that Buyers at this juncture lack the momentum to push the price above its previous high @ $0.73400 hereby opening a window for a counter-trend possibility.
Tendency: Downtrend ( Bearish )
Structure: Channel | Reversal pattern | Supply & Demand | Trendline
Observation: i. Despite structure screaming "Bullish!", we might be in for a correction phase this week in anticipation of a rally continuation.
ii. $0.73400 level has been respected since the beginning of this month at six different occasions making this a strong Supply zone.
ii. A sharp rejection of $0.73200 level on Friday despite a rally insinuates there might be a Breakdown of Trendline in the coming week.
iii. With the high expectation of a Trendline breakdown @ $0.72700, I shall be keeping tabs on my Demand area @ $0.72200 for a significant Breakdown which shall confirm Correction of the Impulse leg.
Trading plan: SELL confirmation with a minimum potential profit of 200 pips.
Risk/Reward: 1:5
Potential Duration: 5 to 10 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously