AUDUSD ~ Risk Off Sentiment: Stuck In Limbo into EOY (2H)
AUDUSD
chart mapping/analysis. Aussie Dollarydoos struggling to regain bullish momentum after early December peak.
Trading scenarios into EOY:
- Preliminary trading range = ~66.20 to ~65.25.
- Break above ~66.20 = regain bullish momentum.
- Bullish target(s) = re-test descending trend-line (white dotted) / upper range of ascending parallel channel (green).
- Break below ~65.25 = extend bearish capitulation.
- Bearish target(s) = 61.8% Fib / lower range of ascending parallel channel (green) confluence zone.
- 200SMA also acting as dynamic resistance, reinforcing bearish rollover.
- Major macro economic news this week = higher probability of implied volatile swings in either direction.
Comment:
AUDUSD chart update (Thurs 14/12):
- Price action ripping in response to DXY dump post-FOMC.
- Break above/held descending trend-line (white, dotted) = conviction in chart mapping (so far).
- Consolidation just below upper range of ascending parallel channel (green) raises probability of potential parabolic move above parallel channel, or capitulate back into choppy range, TBC.
