Saravan
Long

AUDUSD holds important level. upside next week

FX:AUDUSD   Australian Dollar/U.S. Dollar
292 6 8
Hello Traders,
My last idea for this pair is still valid. The price closed above the important trend line and fib level.
There may be upside for this pair next week. There were lot of bullish volumes at this level and 7250 level which I assume smart money has been buying at this level.

My previous idea based on this published at a wrong time before FOMC minutes. I did not expect "likely rate cut in June" statement in Fed minutes.

That being said, I expect at least a short term upside for this pair next week.

Good Luck!
Hi mate, i think you meant rate hike in June instead of rate cut. Anyway, i agree with your idea :)
Reply
Saravan SkyrEk
Hi. Yeah, I meant to say "Rate Hike". Thanks for pointing that out.
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I like your idea...cos' coincidently I draw the same chart just with an add'l elliot, but basically same thing.
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Saravan gcplau
Thanks. Hopefully, it will workout.
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Hello there! This idea coincides with the AUD/NZD reversal idea. Among those two close currencies Aussie was weakening drastically. Now it can take on both USD and NZD.
Reply
Saravan aibek
That's true. Other AUD pairs like GBPAUD and EURAUD are reversing.
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