This week we have some Important Aussie data , we have the RBA Statement and Cash rate, It is important to keep in mind. This is just my personal opinion and is NOT trading advice.
The AUD / USD pair sold off abit near the close of the New york session, And it has closed in a very strong support area with a bullish formation giving us a potential entry on monday too the upside. it seems the AUD dropped against the USD because the Dollar was finally Getting abit of a bounce to the upside , But if we look at the charts we can see the US Dollar can not Sustain any momentum to the upside as it gets sold off every time we roll over into the Asia / EU session, And with the " Net shorts " against the US dollar being at the highest level in a very long time, there is also alot of speculation the US Dollar has alot more left to drop.
I would want to target 7200 if you are also a Bull on this pair, i have no interest in shorting this market now that the drop / Pull back has happened. But of course there could be further downside risk if the RBA / Cash rate is hawkish for the AUD
The AUD / USD pair sold off abit near the close of the New york session, And it has closed in a very strong support area with a bullish formation giving us a potential entry on monday too the upside. it seems the AUD dropped against the USD because the Dollar was finally Getting abit of a bounce to the upside , But if we look at the charts we can see the US Dollar can not Sustain any momentum to the upside as it gets sold off every time we roll over into the Asia / EU session, And with the " Net shorts " against the US dollar being at the highest level in a very long time, there is also alot of speculation the US Dollar has alot more left to drop.
I would want to target 7200 if you are also a Bull on this pair, i have no interest in shorting this market now that the drop / Pull back has happened. But of course there could be further downside risk if the RBA / Cash rate is hawkish for the AUD
Comment:
Sorry i meant to say " But of course there could be further downside risk if the RBA / Cash rate is DOVISH for the AUD ( Dovish Meaning bearish )