Will the Aussie Momentum Continue Upwards?
It wasn't too long ago when AUDUSD bears were dominating the down move as denoted by the pink downtrend line. However the purple uptrend line at around 0.7370 did hold up and resulted in the current rally of the Aussie dollar where a new high was made at 0.7633.
The RT Team reckons that the sentiment for Aussie dollar is neutral at the moment given the superb economic data, where job creation beat estimates by a large margin. Moving forward we expect the up move to continue if 0.7520 is not compromised. We choose to view the reverse pin bar positively and wait to see if it will be invalidated for the up move to continue.
The 3 levels highlighted should present many tradeable opportunities with well-defined stop losses should you decide that you are an Aussie Bull. Reverse those levels if you are a bear.
The RT Team reckons that the sentiment for Aussie dollar is neutral at the moment given the superb economic data, where job creation beat estimates by a large margin. Moving forward we expect the up move to continue if 0.7520 is not compromised. We choose to view the reverse pin bar positively and wait to see if it will be invalidated for the up move to continue.
The 3 levels highlighted should present many tradeable opportunities with well-defined stop losses should you decide that you are an Aussie Bull. Reverse those levels if you are a bear.
Comment:
Watching to see if the resistance on the daily chart is breached for more bullish momentum
Comment:
The AUDUSD has entered into a phase of consolidation between 0.7565 and 0.7635
As long as the AUDUSD bulls can protect 0.7566 the bias is still bullish.
Interesting to see what happens from here.
As long as the AUDUSD bulls can protect 0.7566 the bias is still bullish.
Interesting to see what happens from here.
Trade closed: stop reached:
Stopped out cos 0.7566 broke and resistance respected.
Comment:
With no Tier One data, the AUSUSD is in its corrective phase after making a high at 0.7626. This may be attributed to the neutral stance of the RBA in terms of their monetary policy.
Will be watching to see if the 0.7520 holds or breaks.
Will be watching to see if the 0.7520 holds or breaks.