GOLD May Trigger Aussie Rally Towards 0.76000 level !
The above picture is the monthly charts of the AUDUSD pair showing the near by concrete support and resistance levels. The flash crash that happened few days ago has affected many FX pairs and as the evidence suggests the aussie has clearly rejected both 0.6700 and 0.7000 level in the process. As the support levels were rejected on the long term timeframe the evidence suggests that this pair might be ready to go up and target that monthly 50 EMA where the 0.76000 also is present too.
For this pair to be taken LONG, have a look at the main chart first. there is a trendline that is broken and another trendline is developing too. The second developing trendline needs to be broken too together with the weekly 50 EMA which can confirm that this pair is headed upside. It might take a few weeks for this trade to develop before we can take it LONG. Once if the weekly 50 EMA is broken the price needs to slightly retrace so we can make our entry there by giving us a good risk to reward ratio.
GOLD is expected to rise this year and shall there be any updates i will post them in the comment below or in a new thread.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.