Technician

AUDUSD: Rally On Short Squeeze (Update)

FX:AUDUSD   Australian Dollar/U.S. Dollar
631 2 6
Update: The pair is at a key medium term juncture in my view, as price retest at key resistance leel at 0.9085 after failing to maintain a break below the support of the main falling channel , meantime RSI momentum is showing strong bullish divergence .

Although there is some technical signs that hint a potential rebound, we should keep in mind that price remains within a bearish trend since July 2011, and thus I would wait for a break above that resistance to initiate a long position.

Alternatively, I would monitor price action next week, looking for signs of another dip to the downside in attempt to resume the bearish trend , i would look for candlestick patterns such as pin bars.
Keep posted for updates at:

https://twitter.com/thefxchannel
http://thefxchannel.com

Earlier Analysis(https://www.tradingview.com/v/RcOsloui/): Following the RBA's less dovish tone, concerns over rising inflation , and less concern of emerging market. Expectations of further interest rate cuts over the near term has almost diminished in my opinion. Accordingly, we will probably see strong short covering, and a short term correctional rally, especially if price manages to settle above the latest swing low at 0.8845. First upside target at 0.9085.
We are finally LIVE https://thefxchannel.com
The bearish scenario is likeky to unfold this week on re-escalation of the Crimea crisis and weak economic numbers from china
Reply
snapshot
one of the AUDUSD VIEW
Reply
United States
United Kingdom
India
Deutschland
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
中国
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out