Buy above 0.7632. Stop loss at 0.7608. Take profit at 0.7683.
Reason for the trading strategy (technically):
Price has reached our profit target from Thursday. We are now bullish above major support at 0.7632 (Fibonacci retracement, horizontal overlap support) for a push up to at least 0.7683 resistance once again (Fibonacci retracement, Fibonacci extension,...
This past Monday I commented on how I was looking to sell the AUDUSD below 0.7608. At the time the pair was trading at 0.7618 following the bearish engulfing pattern from March 21st.
I received a few emails in support of this idea. However, the majority of those who responded were against selling the AUDUSD. And as I look around, that appears to be the...
The AUD still has strength left. It's currently pulling back to a strong support area in between 50 and 61.80% fib restracement. Chikou span is at the low trend line, similarly you see RSI touching support soon. Strong macro economic figures being released from US tomorrow. It might be the catalyst for a breakout.
AUD/USD is extending downside for the 4th consecutive session, bias lower.
The pair has broken below daily cloud top at 0.7625 and has breached 50-DMA support at 0.7620.
Downside is holding immediate support at 0.7610 (23.6% Fib retrace of 0.7160 to 0.7749 rally).
Technical studies are bearish, RSI and Stochs are biased lower and MACD is on the verge of a...
Aussie Dollar falls as bond yield drop hints RBA outlook eroding. The Australian Dollar underperformed in overnight trade, falling alongside local front-end bond yields. That speaks to a dovish shift in RBA monetary policy bets, though a standalone catalyst triggering it is not immediately apparent.
Monthly: Spinning top green candle, testing monthly...
PAIR: AUD/USD
TTF: 1HR
TRADE: BAT PATTERN
NOTE: These are potential Trade opportunities based
on my own personal Analysis.
Thank you,
Star Prosper
Philip Stewart
Taking a contrarian view with regard to current sentiment.
The past few weeks of USD buying shows an already well priced in a rate hike for today (15th Mar 2017). The key concern should be the pace of future rate hikes within the year.
With this in mind, some traders may look to take profit on USD Longs if the Yellen and Co. come out less hawkish than they have...
Using Fib and Support and resistance to determine this bearish move, could however bounce off the support of 0.7500 in which we would be looking for confirmation to buy, however we are currently looking to break this barrier and continue down to a possible 0.7300-0.7300
Planning for a possible breakout and retracement as the daily has been in oversold territory for the last few trading days. it may be premature but im planning for it.
