IvanLabrie
Long

Potential AUDUSD long pt. 2: Will the Fed hike rates?

FX:AUDUSD   Australian Dollar / U.S. Dollar
222 3 14
This time, we have confluence of multiple technical elements signaling AUDUSD             might have established an important low.
The recent speech by Janet Yellen had a rather dovish tone, mentioning the Fed has patience and that they would discuss the interest rate hike on a 'meeting by meeting basis', which I think will introduce increased volatility in all USD pairs.
As long as there are no negative news for the Australian dollar             , I think it is likely to see a correction take place, giving the short/intermediate term trader long opportunities.
Details in the chart.
Trade closed: stop reached: The forecast was very accurate though.


Aussie bearish sentiment at an extreme...AB=CD completion, interesting key reversal.
TP half at target 1, the other half with no tp. Second target is the immediate resistance above.
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Still, no new low...NZDUSD is in a strong short term downtrend, and so is this pair though.
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Potential short term target if RBA rate cut triggers selling.
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