After about 12 days of serious downside movement we have seen 4 daily candles respecting the 0.6750 support level. 0.6750 is a Major Large Quarter Point. Prices have not traded this low since 2009.
Why all the bearish movement? Rate cuts and monetary policy, not just the US cutting rates. Reserve Bank of New Zealand cut rates, which pressures Australia (a big trading partner) to do the same. And as the dollar overall strengthens (look at DXY) AUDUSD falls.
So we saw rejection off 0.6750 I am looking for it to make its ascent. Buy in on a pullback (higher low) on the 1H timeframe. Please TIME your trade and look at price action. You don't want to buy before the pullback.
I have my targets set at the next whole level 0.6900. Set SL according to your risk. This will be held for at least a week.
Why all the bearish movement? Rate cuts and monetary policy, not just the US cutting rates. Reserve Bank of New Zealand cut rates, which pressures Australia (a big trading partner) to do the same. And as the dollar overall strengthens (look at DXY) AUDUSD falls.
So we saw rejection off 0.6750 I am looking for it to make its ascent. Buy in on a pullback (higher low) on the 1H timeframe. Please TIME your trade and look at price action. You don't want to buy before the pullback.
I have my targets set at the next whole level 0.6900. Set SL according to your risk. This will be held for at least a week.