I am flattered honestly because I had some pretty good fans that I didn't know about and because of my ''little break'' I had quite a few requests to publish again.
So let's see the fundamentals first about AUDUSD .
1.Thanks to President Trump who officially delayed the next round of tariffs, all of the major currency pairs are trading higher led by gains in the Australian and New Zealand dollars.
2.Fed Chairman Powell is headed to Capitol Hill Tuesday to testify before Congress. His prepared comments on the economy and remained cautious and talked about the downside risks to growth and the possibility of fewer rate hikes,these statements of course weren't so for the US dollar and should still be positive for risk-off currencies like AUD.
3.On the other hand Chinese economy is facing it's lowest manufacturing PMI of the last e3 years.
There are a lot more reasons to affect AUDUSD but these are the most important.
1.We have a crucial support at 0,70 which you can see in many timeframes like daily,weekly and monthly.
2.We have an important support also visible on daily and .
3.We also have a divergence indicating weakening of the bears run.
4.Last but not least we have an inverted pattern indicating a possible trend reversal.
Also there are no conflicting signals on the longer time frames and combined with the fact that there are no major news events coming out for this pair, I firmly believe that this is a strong setup from a technical point of view, and that the bulls are going to hold the fort, and eventually make a new swing to the upside, taking out todays swing high, and aiming for higher grounds.
POSSIBLE LONG TRADES
FIRST TRADE SET-UP
ENTRY AT 0.7070 AREA
FIRTS TARGET TP1 AT 0.7300
STOP LOSS AT 0.69850
SECOND TRADE(LONG TERM IF MA200 IS BROKEN TO THE UPSIDE)
ENTRY AT 0.70700 AREA
TARGET AT 0.74500 AREA
WEIDER STOP LOSS AT 0.69
HAPPY TRADING TO EVERYBODY!
PLEASE LEAVE A COMMENT,A QUESTION YOU MAY HAVE OR EVEN YOUR OPINION!
HAPPY PROFITS TO EVERYONE..!
KEEP FOLLOWING FOR MORE PROFITS!
From short term trading perspective you can take profit here and waiting a swing to enter higher.
From longer term view we can stay in trade for possible further gin with a new stop loss depending on your risk version and your trading risk/reward ratio.
Happy profits and keep following for more!