Could the Aussie reverse from here?The price is currently reacting off the pivot which acts as a pullback resistance and could drop to the 1st support identified as an overlap support.
Pivot: 0.6799
1st Support: 0.6753
1st Resistance: 0.6852
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Auduusd
RBA decision: Will the Aussie Dollar break out? RBA decision: Will the Aussie Dollar break out?
A potentially interesting week awaits the Aussie dollar, with the Reserve Bank of Australia (RBA) expected to hold its interest rate unchanged. Money markets price around a 97% chance for rates to remain at the current level and only a 3% probability of a 25-basis point cut.
Last week, ANZ became the first of the big four banks to push their prediction of a RBA interest rate cut into 2025. The bank now expects the first RBA cash rate reduction to come in February. Before this shift, ANZ was aligned with CBA, NAB, and Westpac in forecasting a cut this November.
A look at Aussie price action shows AUD/USD trading within a very mild descending channel formation or a range between 0.6577 and 0.6690. A decisive break above the 20-day Simple Moving Average (SMA) before breaking 0.6709 could indicate an extension higher to a target at 0.6713. A decisive break below the range floor could indicate a follow-through to at least 0.6556.
Head & Shoulders on AUDUSDThe AUDUSD fell from the 0.6480 level following the RBA's decision to hike rates by 25bps on Tuesday.
The retracement failed to break above the 38.2% Fibonacci retracement level, forming a head and shoulders pattern on the AUDUSD.
Anticipating recovery in strength on the DXY, look for the AUDUSD to break below the neckline at 0.6415 to signal further downside, with the next previous swing low at 0.6325 a possible target level.
A more conservative sell signal would be to wait for the price to break below the 50% Fibonacci retracement level at 0.6395
AUDUSD - Sell idea for a 10:1 RRRHello everyone! Hope you all had a great weekend and Ramadan Kareem all.
I found a great sell opportunity for FX:AUDUSD . Entering at prices as mentioned on the charts. Risking 1% for 10% profit. Keep in mind, when invested amount is made, I will book some profits and let the rest run. Good luck!
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. Together we win!
Regards,
Enzo
AUDUSD DAILY:TARGET 0.6987 DONE,OVERSOLD BUT STILL TARGET 0.6776AUDUSD broke below 0.7134 and hit 0.6987 target.
As I said in previous outlook, "Break below 0.7134 potentially target 0.7086 & 0.6987."
AUDUSD hit low at 0.6829. Now, AUDUSD rebound and regain 0.6987.
There is stiil possibility for a move toward 0.7086,
Next resistance at 0.7134, 0.7165 & 0.7266 (former support).
Break above 0.7458 would open the way to retest 0.7555, 0.7616 & 0.7662.
Anyway, while below 0.7266 still bearish.
Break Below 0.6829, bearish continue with target toward 0.6776 & 0.6685.
AUD/USD Near-Term/Longterm OutlookAlthough Australia’s unemployment rate unexpectedly dropped in July to a 12-year low, the drop was largely due to people falling out of the labor force as coronavirus lockdowns limited their ability to look for work.The Australian Bureau of Statistics (ABS) emphasized the data should not be viewed as a sign of strength in the labor market noting the number of unemployed fell sharply mainly due to the restrictions of lockdowns.
The main trend is down according to the daily swing chart. The downtrend was reaffirmed earlier last week when sellers took out the November 13, 2020 main bottom at .7222. A trade through the intraday low at .7212 will signal a resumption of the selling pressure. A trade through .7427 will change the main trend to up. This is highly unlikely, however, the AUD/USD is down 11 sessions from its last main top, which puts it inside the window of time for a closing price reversal bottom.
A closing price reversal bottom won’t change the main trend to down, but if confirmed, it could trigger the start of a minimum 2 to 3 day counter-trend rally. On the upside, the nearest resistance is the long-term Fibonacci level at .7379.
Bullish Scenario
A sustained move over .7236 will signal the presence of counter-trend buyers. The first upside target will be a minor pivot at .7319. Since the main trend is down, look for sellers on the first test of this level. Overtaking .7319 will indicate the buying is getting stronger. If this can create enough upside momentum then look for the rally to possibly extend into the Fibonacci level at .7379.
AUDUSD Short Trade Set Up *WEEKLY FIB REJECTIONS*Momentum looks to be slowing on AUDUSD with price trying to roll over at this level.
1hr timeframe made a nice lower high and resistance at 0.68850 has held strong again. Multiple daily wick rejection candles formed last week.
If this bottom TL breaks then new lower lows will be made.
AUDUSD - Potential Butterfly PatternPosted a butterfly pattern for AUDUSD last week and about to hit TP2, do refer to the link of related ideas below.
If it does, another butterfly pattern will then transpire.
PRZ area at 0.79839 to 0.79878.
Good R:R at 1.9 (TP1) and 3.2 (TP2).
I will update if pattern completes.
AUDUSD: Sell Opportunity at Upper Parallel of Median LineClearly in a downtrend price is moving into a valid slope which is represented by the downsloping modified schiff. A rejection at the upper paralell signals that price finds good resistance and most likey is going to continue dropping. In case it retests the upper parallel i am going short with sl and tp as shown at the chart.