AUDUSD | Perspective for the new week | Follow-up
Price has moved over 200pips in our direction since my last publication (see link below for reference purposes) and it appears there is still room for a rally in the nearest future!
The Aussie flourished against the Greenback on Friday by breaking the existing Supplication barrier @ $0.78000 to hit a new high in over a month. Figures were driven higher by surging commodity prices and a plunge in U.S. Treasury yields coupled with reports from U.S. jobs data release for April coming in well below expectations resulting in the Greenback hitting its lowest in more than two months. Current development suggests that the Breakout of Channel during last week trading session raises hopes of further rise in the coming week(s).
Tendency: Uptrend ( Bullish )
Structure: Breakout | Supply & Demand | Channel | Trendline
Observation: i. Following the Impulse leg (13th April 2021); The appearance of a Channel graphically represents the peaks and troughs of price action over the last 22 days.
ii. The Channel is also a clue to the indecision that prevailed in the market before culminating in a Breakout during last week trading session.
iii. I am of the opinion that this Breakout is a signal that a Bullish continuation is imminent hence the need to look out for an opportunity to take advantage of the rally.
iv. In this regard, I am anticipating that a correction into the $0.77400/0.78000 area in the coming week(s) could incite a trigger.
v. To be on the safe side for a rally continuation, anywhere above the Key level @ $0.77700 should be an appropriate zone to join the train and should price decide to dip further, I have identified Buy window II for buying opportunity.
Trading plan: BUY confirmation with a minimum potential profit of 180 pips.
Risk/Reward: 1:5
Potential Duration: 4 to 7 days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
The Aussie flourished against the Greenback on Friday by breaking the existing Supplication barrier @ $0.78000 to hit a new high in over a month. Figures were driven higher by surging commodity prices and a plunge in U.S. Treasury yields coupled with reports from U.S. jobs data release for April coming in well below expectations resulting in the Greenback hitting its lowest in more than two months. Current development suggests that the Breakout of Channel during last week trading session raises hopes of further rise in the coming week(s).
Tendency: Uptrend ( Bullish )
Structure: Breakout | Supply & Demand | Channel | Trendline
Observation: i. Following the Impulse leg (13th April 2021); The appearance of a Channel graphically represents the peaks and troughs of price action over the last 22 days.
ii. The Channel is also a clue to the indecision that prevailed in the market before culminating in a Breakout during last week trading session.
iii. I am of the opinion that this Breakout is a signal that a Bullish continuation is imminent hence the need to look out for an opportunity to take advantage of the rally.
iv. In this regard, I am anticipating that a correction into the $0.77400/0.78000 area in the coming week(s) could incite a trigger.
v. To be on the safe side for a rally continuation, anywhere above the Key level @ $0.77700 should be an appropriate zone to join the train and should price decide to dip further, I have identified Buy window II for buying opportunity.
Trading plan: BUY confirmation with a minimum potential profit of 180 pips.
Risk/Reward: 1:5
Potential Duration: 4 to 7 days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
