AUSSIE has been strengthening across USD fundamentally due to market was broadly on RISK ON environment since the FED has given a clue that a tapering process either end of this year or next year will not neccesarily come with rate hike in the short term. In addition, the tapering process will take place asap with the supported facts of US strong job data report.
In addition with the NFP report published on Friday yesterday, the result is worst than expected at 235k vs 720k forecast, the FED likely to monitor further on the exact timeline on the tapering process.
Next week we may see a the AUSSIE continue to be strengthened against USD during Asian session till US session.
Technically we may continue to look for long opportunity at 0.7400 rejection at its recent support level till nearest resistant at 0.7480. As long as the previous higher low (indicated HL) is not broken, the bullish trend is still intact.
If there is a strong rejection level at support level, we may look for a good just 40 pips stop loss (SL) to 80 pips take profit (TP) with RR 1:2.
Remarks from author
1)This analysis does not represent long or short trade immediately, it is solely on the author analysis
2)Trade at your own risk with proper lot sizing and follow your own trading plan
3)Risk management is always be the top priority
In addition with the NFP report published on Friday yesterday, the result is worst than expected at 235k vs 720k forecast, the FED likely to monitor further on the exact timeline on the tapering process.
Next week we may see a the AUSSIE continue to be strengthened against USD during Asian session till US session.
Technically we may continue to look for long opportunity at 0.7400 rejection at its recent support level till nearest resistant at 0.7480. As long as the previous higher low (indicated HL) is not broken, the bullish trend is still intact.
If there is a strong rejection level at support level, we may look for a good just 40 pips stop loss (SL) to 80 pips take profit (TP) with RR 1:2.
Remarks from author
1)This analysis does not represent long or short trade immediately, it is solely on the author analysis
2)Trade at your own risk with proper lot sizing and follow your own trading plan
3)Risk management is always be the top priority