AUDUSD - Where to go next? Analysis for both bearish and bullish
AUDUSD has reached a decision point, it is back at the crucial level of 0.75 a huge structure level.
Many of us have held shorts all the way up from the 0.77 level up to now. I have closed the remainder of my position off on Friday. Before getting back in this trade I am waiting for confirmation on either the bull or the bear side.
Bearish continuation: To get short again around this structure level I need to see a clear break of the 0.75 even level. I will let it run for a few days. Don't be too hasty with entering, suppress your FOMO ( Fear Of Missing Out). Let it run and wait for the retracement back up in to the 0.75 structure level. After that I will wait for a sell signal and enter the trade.
Bullish counter: There is also a good chance that structure will hold once again as it did in the past and bounce back. What I am also keeping an eye on this week is the news for AUD on Thursday. This could be the catalyst it needs to pick a direction. Also the RSI on the daily chart is getting close to being oversold. Once again I will let price action do its thing over the first few days of the week and see if there will form a technical pattern for me to take this thing long.
As you can see we haven't done anything in this analysis other than being patient. If you have any questions regarding this pair or any other pair, don't be afraid to ask me. I will reply as soon as possible. Over the coming weeks I will post most of my own analysis on all the different pairs I trade.
Many of us have held shorts all the way up from the 0.77 level up to now. I have closed the remainder of my position off on Friday. Before getting back in this trade I am waiting for confirmation on either the bull or the bear side.
Bearish continuation: To get short again around this structure level I need to see a clear break of the 0.75 even level. I will let it run for a few days. Don't be too hasty with entering, suppress your FOMO ( Fear Of Missing Out). Let it run and wait for the retracement back up in to the 0.75 structure level. After that I will wait for a sell signal and enter the trade.
Bullish counter: There is also a good chance that structure will hold once again as it did in the past and bounce back. What I am also keeping an eye on this week is the news for AUD on Thursday. This could be the catalyst it needs to pick a direction. Also the RSI on the daily chart is getting close to being oversold. Once again I will let price action do its thing over the first few days of the week and see if there will form a technical pattern for me to take this thing long.
As you can see we haven't done anything in this analysis other than being patient. If you have any questions regarding this pair or any other pair, don't be afraid to ask me. I will reply as soon as possible. Over the coming weeks I will post most of my own analysis on all the different pairs I trade.