AUDUSD - Bias remains to the upside
Next week we have two Aussie related risk events - the RBA Monetary Policy Meeting Minutes on Tuesday, and the employment labour data on Thursday. In addition, the strength or weakness of the US Dollar might also provide some form of catalyst for this currency pair.
While we do not eliminate the possibility of a further fall in price in the short term towards 0.7697 area, our bias remains bullish on the AUDUSD.
The recent swing up from May to early August 2017 has seen price either completed a WXY structure, or a 3rd wave structure. Either way, price is currently corrective lower; and as long as price remains corrective to the downside, we still expect more upside potential after the correction is completed.
*This is not a trade call, so do ensure you have a proper trade and risk management plan before engaging on any trade.
While we do not eliminate the possibility of a further fall in price in the short term towards 0.7697 area, our bias remains bullish on the AUDUSD.
The recent swing up from May to early August 2017 has seen price either completed a WXY structure, or a 3rd wave structure. Either way, price is currently corrective lower; and as long as price remains corrective to the downside, we still expect more upside potential after the correction is completed.
*This is not a trade call, so do ensure you have a proper trade and risk management plan before engaging on any trade.
Comment:
Comment:
Following up from our latest post on AUDUSD, we got the first impulse move up after price met the minimum target area around 0.7827 on the lower timeframe.
Our bias still remains to the upside, and we are now looking for opportunities to scale in, increasing our profit potential, yet at the same time reducing our risk.
*These posts are meant to be educational, and not served as a trade call. So do make sure you have a proper trading and risk management plan before engaging on any trades.
Our bias still remains to the upside, and we are now looking for opportunities to scale in, increasing our profit potential, yet at the same time reducing our risk.
*These posts are meant to be educational, and not served as a trade call. So do make sure you have a proper trading and risk management plan before engaging on any trades.
Comment:
