Aussie is getting lots of attention today; Not only "Technical" but fundamental analysis states the following:
- AUD/USD traders are 60% Net-Long. Sentiment among traders correlates with technical projections in that Aussie can break weekly
high resistance levels and a sustain move above 0.6900 can achieve this scenario.
- AUD/USD Monthly release of Australia Monetary policy report (Tonight Sep 16, 2019 @ 9:30 PM EST) Traders are positioning shorts
around this major news event since the federal bank is planing to at most keep "interest rates" intact or lower them if necessary.
My Technical Analysis:
Despite the appetite for a major short covering a 61% Fib retracement or more, Net-Long traders wanting a peace of bear reaction to cover their positions, there are doubts where tonight's major news event can make the Australian dollar loose value. However, harmonic patterns as per seen in the 4hr interval chart above, indicates top resistance levels currently hovering 0.6850-80 levels, which bears can take as leverage to short the Aussie tonight.
I have set my targets as per shown in the 4hr chart. Use stops above weekly high of 0.6900 to protect your positions.
Good luck !
- AUD/USD traders are 60% Net-Long. Sentiment among traders correlates with technical projections in that Aussie can break weekly
high resistance levels and a sustain move above 0.6900 can achieve this scenario.
- AUD/USD Monthly release of Australia Monetary policy report (Tonight Sep 16, 2019 @ 9:30 PM EST) Traders are positioning shorts
around this major news event since the federal bank is planing to at most keep "interest rates" intact or lower them if necessary.
My Technical Analysis:
Despite the appetite for a major short covering a 61% Fib retracement or more, Net-Long traders wanting a peace of bear reaction to cover their positions, there are doubts where tonight's major news event can make the Australian dollar loose value. However, harmonic patterns as per seen in the 4hr interval chart above, indicates top resistance levels currently hovering 0.6850-80 levels, which bears can take as leverage to short the Aussie tonight.
I have set my targets as per shown in the 4hr chart. Use stops above weekly high of 0.6900 to protect your positions.
Good luck !