AUDUSD is approaching its support at 0.7043 (horizontal swing low support, 61.8% Fibonacci extension, 76.4 % Fibonacci retracement) where it could potentially bounce to its resistance at 0.7113 (50% Fibonacci retracement, horizontal swing high resistance).
Stochastic (21, 5, 3) is approaching its support where a corresponding bounce could occur.
Trading CFDs...
- Bull unable to stand above after a strong breakout toward seller's key level.
- Immediately reversed impulsively by seller, suggesting breakout failure.
- PA back below seller key level, likely to take back control.
- Aware for buyer zone around 0.7050.
- If SL hit would temporarily negate this view.
AUDUSD seems built a shoulder pattern on the chart, but running at that zone too long time, seems it's waiting for some news to push AUDUSD to choose a direction going up or going down?
If we see a close above the marked (blue) H4 resistance level I'll be looking at long positions.
Targets set at H4 and then D1 resistance levels. Will be taking 2 small positions with these targets if I see good entry criteria.
Feedback always welcome!
The Australian Dollar and the US Dollar pair belong the Majors, a group of the most popular traded pairs in the world. This pair's popularity soared because traders were attracted to the interest rate differential of the pair. This has waned in recent years due to economic volatility worldwide.
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