The triple bottom support serves as confirmation selling is completed and buyers are into this pair now. I think the employment change of 39K vs previous negative 19k was a bullish news for AUDUSD.
From chart, you can also see the price action has broken out of the bearish trend line as well.
Let's wait for the pullback and initiate a buy position. The SL can be slightly below the support line and aim for profit target around 0.69.
All the best and trade safely.
From chart, you can also see the price action has broken out of the bearish trend line as well.
Let's wait for the pullback and initiate a buy position. The SL can be slightly below the support line and aim for profit target around 0.69.
All the best and trade safely.
Comment:
Praise Lord for the upside. Note - RBA has cut rates to record low to 0.75%. AUS is heavily dependent on China and the phase 1 agreement signing is a booster for its currency.
However, it is still not out of the woods completely as the weekly bearish trend has yet to be broken out. Expecting more rate cuts in 2020 by RBA coupled with sluggish wage growth may signal the currency to make a U - Turn along the way. Be careful.
However, it is still not out of the woods completely as the weekly bearish trend has yet to be broken out. Expecting more rate cuts in 2020 by RBA coupled with sluggish wage growth may signal the currency to make a U - Turn along the way. Be careful.
Once again, congrats to those who followed.