Australian Dollar Monthly Time Frame Bullish Bias
October 18th 2021
Australian Dollar Monthly Chart Bullish Bias
Looking at Current Market Price Action, on the Monthly Time Frame We can see that the Australian Dollar Futures is painting a bullish recovery over the past 2-3 Weeks.
Finding support at the 0.72000 level we can see that the price action of August and September were unable to set lower lows. Combining that with the fact that in 2020 we set a high we haven't seen since roughly June 2018, at the beginning of this year we were able to see price trying to continue into a higher price target but was unsuccessful , as large levels of liquidity were most likely used to take some profits off the table on the fund level. Using the nearest level of structure created with the low in Nov 2020 and the high in Feb 2021, I was able to find a retracement level that was being respected as well as showed reaction at the 0.786 retracement level and combining that with the whole level of 0.7200 that creates a strong reason for price to reverse.
The other factor we have in our favor is October is the start of the new quarter which opens up the door for a potential quarterly shift which we are seeing the first signs of now.
That combined with the clear targets we have of prev highs from 2017 we have a clear path with the underlying bullish trend to the 0.80000 level.
Australian Dollar Monthly Chart Bullish Bias
Looking at Current Market Price Action, on the Monthly Time Frame We can see that the Australian Dollar Futures is painting a bullish recovery over the past 2-3 Weeks.
Finding support at the 0.72000 level we can see that the price action of August and September were unable to set lower lows. Combining that with the fact that in 2020 we set a high we haven't seen since roughly June 2018, at the beginning of this year we were able to see price trying to continue into a higher price target but was unsuccessful , as large levels of liquidity were most likely used to take some profits off the table on the fund level. Using the nearest level of structure created with the low in Nov 2020 and the high in Feb 2021, I was able to find a retracement level that was being respected as well as showed reaction at the 0.786 retracement level and combining that with the whole level of 0.7200 that creates a strong reason for price to reverse.
The other factor we have in our favor is October is the start of the new quarter which opens up the door for a potential quarterly shift which we are seeing the first signs of now.
That combined with the clear targets we have of prev highs from 2017 we have a clear path with the underlying bullish trend to the 0.80000 level.