Let me try to explain what do I mean by saying that my main indicator is the price.
The AUDUSD continues the journey within the main bearish channel.
The Structure of lower highs and lower lows remain intact, and continues to evolve.
The price resumed the bearish trend after completing a pullback towards the resistance of the channel just below the 50-days SMA, where it formed a bearish engulfing candlestick pattern.
The pair continued to move lower to break 0.7740 horizontal support
The next potential support level and target at 0.7625(The Dragonfly doji low)
A break below 0.7625 confirm more downside and a potential target at 1.618 extension(0.7448)
The channel resistance should remain intact for this scenario to remain valid
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Waiting cautiously to see if 0.7600 holds, I am leaning on shorting this pair, but let's wait and see!
Currently trading at 0.7638
wwfm
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its will go up if Feb job report comes with good numbers
Technician
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yeah could be the case, but for the short term in my view. Dollar remains in a strong bullish trend.
MuathAlBulbul
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When is that due?
Technician
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In few days, check the economic calender
MuathAlBulbul
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Lol, excuse my idiotic-ness. I am a bit new at this!
Technician
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Dont worry
MuathAlBulbul
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Mr. Loay, do you have any expectations for the NZD announcments for tomorrow? I am looking at both AUDNZD and NZDJPY.
Technician
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Not really in terms of fundamentals. But watch for a dovish tone from the bank, or an unexpected rate cut. That would send the NZD down under.. Especially that there are lots of technical signs suggesting bearish NZD, but still needs confirmation.
MuathAlBulbul
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I thought a rate cut is good for the currency, no? I read somewhere that money follows the lower interest rates.
Currently trading at 0.7638