AUDUSD bounces back, but price remains rangebound.
What a turnaround we are seeing today after yesterday's sell-off. Basically, a mirror image after sellers knocked 1.06% off after the morning's gap lower. Today buyers have added 1.21%, eclipsing all of yesterday's losses.
Bullish engulfing? Yep, it looks that way at the moment, and support looks firm at .6645. Yesterday's low has also set up a new higher low. Yes, today's price action is bullish, but buyers still have .6770 resistance to beat, and that area has held firm since mid-month. We could also be seeing an ascending triangle pattern forming, so if we see price continue to consolidate after test .6770, this could confirm that pattern idea.
Depending on what happens from now until Friday, we still feel that Friday's US employment data could be the influence that has the highest probability to break some of the stalemates. The data will be released Saturday morning at 12:30 pm AEDT.
Good trading.
Bullish engulfing? Yep, it looks that way at the moment, and support looks firm at .6645. Yesterday's low has also set up a new higher low. Yes, today's price action is bullish, but buyers still have .6770 resistance to beat, and that area has held firm since mid-month. We could also be seeing an ascending triangle pattern forming, so if we see price continue to consolidate after test .6770, this could confirm that pattern idea.
Depending on what happens from now until Friday, we still feel that Friday's US employment data could be the influence that has the highest probability to break some of the stalemates. The data will be released Saturday morning at 12:30 pm AEDT.
Good trading.
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