From the fundamentally perspective, strong USD due to recent the Federal Reserved (FED) is preparing for the reduction on asset purchase during last FOMC meeting on Wednesday.
From D1 technical perspective, there is a head and shoulder pattern with recent price has been break out of the distribution phase since early of the year, and price yesterday managed to closed below SMA 200 with a strong bearish candle.
Price correction may happen on coming Monday open, if price were to reverse to retest the support becomes resistant, look for sell opportunity till next support.
Australia retail sales data is set to be released on Monday 930am, but it is unlikely to move the Aussie very much, while Federal Reserve chair Powell testifies is scheduled on coming Wed 2am.
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
From D1 technical perspective, there is a head and shoulder pattern with recent price has been break out of the distribution phase since early of the year, and price yesterday managed to closed below SMA 200 with a strong bearish candle.
Price correction may happen on coming Monday open, if price were to reverse to retest the support becomes resistant, look for sell opportunity till next support.
Australia retail sales data is set to be released on Monday 930am, but it is unlikely to move the Aussie very much, while Federal Reserve chair Powell testifies is scheduled on coming Wed 2am.
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