Just had a cypher complete around 0.7274. Watching this very close. It has overextended itself a little higher which can give us a better entry point for a better RR. However if it closes above the X of the cypher it will likely press even higher as this level has been major resistance in the past. If it breaks the resistance level it could drift up to .73 range....
My mood is bullish for that Pair.
Basically due to fundamentals like cheap oil FX:USOIL , iron ore, coal and metals like copper FX:COPPER . Main consumer worldwide and in this region is China. China's economy is slowing down after years of +7% growth.
www.tradingeconomics.com
www.tradingeconomics.com
One of China's big supplier is Australia....
Confluences:
1/ trend
2/ 50 ema bounce
3/ doji
4/ deceleration
5/ fib play 61.8%
6/ Bullish MACD
7/ 2.145 as support
Took this trade last thursday ( Sept 17 ) but again because of this pullback today, 400 pips are still on the table, 170 pips are currently in profit. I see this pair go to 2.20
