From the technical view:
1. From the monthly point of view, we have a big M pattern, but the middle of the M pattern hasn't been retest, this implied that the AUDUSD will continue bullish until the middle of the M retested, so this can be the upside monthly target.
2. From the weekly perspective, price already completed the ECW pattern to the upside and now is the time for the retracement, at least to the 32.8 FIB level, and this level is aligning with the weekly support area pretty well, so 32.8 can be the overall downside target from the weekly perspective.
3. From the daily perspective, the price created a fake breakout to the upside and closed back below the resistance level, if the next daily candle will create an equal low with the previous leg, we can expect the formation of the right shoulder and push the price to the downside as we want to see it from the weekly.
From the fundamental view:
1. Big players are bearish bias on the AUD in the long term, but bullish bias in the short term.
2. In the new report, more long positions were added, around 3k of long, net position from -5k become -1k at the moment, slightly increase on the net position and we can expect the AUD still remain bullish in the short term.
How to approach AUDUSD?
1. Waiting for the HNS pattern complete, then switch to the lower timeframe looking for the short opportunity if your rules of the strategy are fulfilled and targeting the weekly target.
2. After the weekly target complete, if the lower timeframe will show the bullish sign, we can be targeting the monthly target as we want to see the completion pattern from the monthly perspective. If the lower timeframe does not show any bullish sign, we cannot be looking for the long because the price can continue to move to the downside.
The result might not follow my analysis, this analysis is based on the TA & FA perspectives.
Comment down below let me know your view on AUDUSD or which pairs you would like to me analyze in the future.
1. From the monthly point of view, we have a big M pattern, but the middle of the M pattern hasn't been retest, this implied that the AUDUSD will continue bullish until the middle of the M retested, so this can be the upside monthly target.
2. From the weekly perspective, price already completed the ECW pattern to the upside and now is the time for the retracement, at least to the 32.8 FIB level, and this level is aligning with the weekly support area pretty well, so 32.8 can be the overall downside target from the weekly perspective.
3. From the daily perspective, the price created a fake breakout to the upside and closed back below the resistance level, if the next daily candle will create an equal low with the previous leg, we can expect the formation of the right shoulder and push the price to the downside as we want to see it from the weekly.
From the fundamental view:
1. Big players are bearish bias on the AUD in the long term, but bullish bias in the short term.
2. In the new report, more long positions were added, around 3k of long, net position from -5k become -1k at the moment, slightly increase on the net position and we can expect the AUD still remain bullish in the short term.
How to approach AUDUSD?
1. Waiting for the HNS pattern complete, then switch to the lower timeframe looking for the short opportunity if your rules of the strategy are fulfilled and targeting the weekly target.
2. After the weekly target complete, if the lower timeframe will show the bullish sign, we can be targeting the monthly target as we want to see the completion pattern from the monthly perspective. If the lower timeframe does not show any bullish sign, we cannot be looking for the long because the price can continue to move to the downside.
The result might not follow my analysis, this analysis is based on the TA & FA perspectives.
Comment down below let me know your view on AUDUSD or which pairs you would like to me analyze in the future.