On this one, we saw that last week the price went into a bearish movement then it bounced back up. This time will the bears win the battle ? If they do, it means that our trendline shall be retested as the price is sitting around a resistance and we will sell it on it's break downward.
Whilst the USD has gained some ground back from it's 12 month decline AUD is still bullish.
After retracing it has finally broken the resistance level.
If we can retest this level I will look for a trend continuation trade to the next highs. Simple trade idea backed up with AUD strength across the board.
What do you think? Can AUD continue it's bullish push?
Five world-class investors that are bearish on USD...
1) Ray Dalio
“You can’t continue to run deficits, sell debt or print money rather than be productive and sustain that over a period of time. If we don’t work together to do the sound things, to be productive, to earn more than we spend, to build the stability of our currency and build a good balance...
And that is not a surprise really. In the face of equities, commodities rising, we can expect some liquidity (USD) problems. These might accelerate as the first few months of 2021 come to pass. The negative trend continues since the last time we have reviewed USDAUD about a month ago. Now we are aiming for 1.26, 1.25 and 1.24, invalidation is in red as usual. Also...
AUDUSD is swings between 0.7583 to 0.751 for the day.
Buyers are coming above 0.76365
Sellers are coming below 0.75405
Disclaimer : I just shared my view. Please trade with your own and comfortable views.
Earlier suspicions of this pair rising have not proven to be fruitful, and we are infact continuing our drop with this pair. RSI Momentum is dropping and we have somewhat of a price drop as well. Fib goals are at 1.362, 1.359 and then at 1.357. Invalidation seems a far way away. Not financial advice.
Or is it just the weakening USD on the background of stronger equities? We can pontificate later, yet I see the Aussie gain new grounds, and we have established the 1-1-2 1-2 pattern as well.
Buy between 0.710 to 0.712.
Target 0.713/0.714
#Currency Trading
Disclaimer : I just shared my view. Please trade with your own and comfortable ideas. Thanks.
Resistance 1 : 0.7265
Resistance 2 : 0.7239
Support 1 : 0.716
Support 2 : 0.71202
*Disclaimer : I just shared my view. Please analyze and proceed with your comfortable views.
