Do or Die for AUDUSD pair
Updated
We are currently at a very important crossing, the downtrend meets the longterm uptrend. In my humble opinion the numbers of the RBA coming in a few hours could decide whether or not the USD gains more on the AUD currency, or we could very well see a trend continuation.
Either way, i am looking at this with my eyes wide open, 2 important level to me are; 0.76000, because this shows confluence with the bullish trendline from 2016, the second support line is closer to the current price, the daily close of 29-3 (0.76430). If these levels hold, we might be looking at a trend continuation and possibly a fresh Higher high (>0.81358).
Note
This setup is still in play, and i am patiently waiting on the side lines to enter at the right time, if we look at the shorter timeframe we see a strong sell reaction on the 61.8% Fib Retracement of the latest push down. Currently price is moving towards this level once more, if we see a strong reaction again we might be seeing lower levels coming into play. I am waiting on the big move to present itself, and will be looking for entry around 0.76430 level of 0.76000 with the appropriate risk management.
Hourly;
Daily;
safe trading to all!
Trade active
WE have 'lift off', price is rallying up, supported by a hold of 0.76502 (just above the previous low). Let's see if we can reach 0.79 level (target 1)
Note
On friday we saw that price got rejected by the 61.8% retracement level of the last bearish move. The daily candle pretty much sums up the story, the closing price of friday was below the bearish trendline, which could send this pair back into the structure support of 0.764xx level.I do have another view on this pair with a more Fundamental outlook. Since the attack on Syria by the US, UK and France on friday night, we could see a retreat from the dollar due to fear of a longer term conflict. This could send the pair higher on Monday and see a break of the 0.78120 level (61.8% retracement), which would open the door to the 0.791xx level.
For now we are still in play and looking for continuation of the longer term bullish move. See the weekly time frame for a clearer view;
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.