AUDUSD Chart Analysis 02 Feb 2016

FX:AUDUSD   Australian Dollar / U.S. Dollar
62 2
AUDUSD: 4h - Daily view

Aussie rallied further than I expected. The pair printed 0.78% Fib retrecement at 0.7230 and collapsed back to 0.70 area. AUDUSD printed another engulfing candle on the daily charts . Coinsidering fundamentals, downtrend must be assumed. NZL GDT index printed negative 7.4% last week. AUD is strongly correlated to NZD. We migh see both pair resuming downtrend in the coming weeks.

Bulls @ 0.72 ( on pullbacks after breaking this level )

Bears @ 0.7080
AUDUSD: 15-30 min view

Shorter time frame looks the same. Sharp decline from the high should continue after small consolidation. Bears should wait for lowe low top be printed and a retrecement towards recent support, now resistance to enter short positions. Bulls would have to wait for a break of the recent high, a pullback towards recent resisttance and enter long positions at 0.7220 area.
Broke even. Aussie volatile as usual!
Agree with you mate
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