UncleBullFX

AUDUSD | Which way are we heading?

OANDA:AUDUSD   Australian Dollar / U.S. Dollar
#AUDUSD 2H

This pair has been moving with a strong upside momentum since the 25th May.
We have witnessed a sharp pullback to the supporting trendline last week, and the pair has bounced aggressively from the trendline .

Furthermore, the pair is currently at a critical decision area, with multiple support and resistance in both directions. The price is getting sandwiched between a MINOR bearish trendline and a MAJOR bullish trendline .

For this week, we want to see a break out from this area for us to enter a trade in a certain direction.

If AUDUSD manages to break and closes a 4H candle above the MINOR bearish trendline , then this will activate our Bullish Scenario

On the other hand, if we see a sharp bearish candle and a breakdown with a 4H candle close below the MAJOR bullish trendline , then this will activate our Bearish Scenario

📰 Economical News to watch for:
1) U.S. Core Retail Sales m/m
2) U.S. Retail Sales m/m
3) U.S. Fed Chair Powell Testifies
4) U.S. Building Permits
5) AUD Employment Change
6) AUD Unemployment Rate
7) U.S. Unemployment Claims

⚠️ Risk ONLY: 2-3%

Good Luck!
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