From the daily perspective, the price already reaches the daily support area and expects a big push to the upside from here.
Because from the COT perspective, the hedge fund has a strong bullish bias on the EUR and strong bearish bias on AUD. Because the last week, AUD kept pushing to the upside is because they are closing a lot of short positions on AUD instead of adding long on it, so we can expect AUD to become weaker.
It is best for us to monitor the 4h price action inside the daily support area if there has shown any confirmation inside this area, then we can take a long position with a good risk-reward.
Remember, always reacting to the market instead of predicting the market, this analysis is based on technical and COT perspective.
Comment down below and let me know your thought.
Because from the COT perspective, the hedge fund has a strong bullish bias on the EUR and strong bearish bias on AUD. Because the last week, AUD kept pushing to the upside is because they are closing a lot of short positions on AUD instead of adding long on it, so we can expect AUD to become weaker.
It is best for us to monitor the 4h price action inside the daily support area if there has shown any confirmation inside this area, then we can take a long position with a good risk-reward.
Remember, always reacting to the market instead of predicting the market, this analysis is based on technical and COT perspective.
Comment down below and let me know your thought.