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Aussie

WEEKLY LOOK ON GBPAUD - ELLIOTT WAVE ANALYSISHi Ellioticians, GBPAUD weekly time frame suggests a big, bearish, three-wave move to the downside from the 2.71 high. We labeleld a completed impulse in A, followed by a possible completed triangle corrective pattern in wave B, at the 1.954 lvl.. This year's sharp decline, and a break below the lower triangle line is a suggestion that the triangle correction can be completed and wave C underway well below the 1.442 lvl. in years to come. That being said, a break below the 1.744 swing low will be another indication that the GBP is weakning in years to come. The alternate scenario suggests another complex correction to be underway in red wave B. Trade well.
by Gravity33
2
AUD/USD looking for a 70+ pip pullback...AUD/USD has really been playing ball in terms of basic technical analysis. WE hav e been following a strong bullish sentiment all the way up to 0.7500. This level we're at is a major Fibonacci extension target and there are many confluences now suggesting a pullback for at least 70 pips. We are now looking for a potential drop into 0.7420 over the next few trading days. If we do get a small drop on this pair it is likely to be a strong sharp movement given the manipulation levels visible on the higher timeframes. Like always do your own research and I hope everyone has had a great week in the markets.
Short
by FTUKcom
AUDCHF: Trend Continuation Likely As Prices Could Aim For 0.72!With rising inflation, the commodities linked currencies such as the AUD are set to keep appreciating in the near future! whereas on the other hand, the safehaven currencies such as the JPY and in this case the CHF, are all but set to drop in value in the coming months. This vast difference is based on the country's economic policies outlook. Here we are looking at the AUDCHF weekly chart and based on the fundamental outlook, trend continuation is a likely scenario. Now coming to the technical analysis part, AUDCHF has been in an uptrend for a long time and currently the price has tested the 0.70000 psychological resistance. The next resistance beyond 0.7000 lies at the 0.72000 region, however for this target to be attained, the concrete psychological resistance of 0.7000 must be cleared. The main criteria for this trade to be valid in this scenario would be for the monthly candle to close above 0.70000 psychological resistance. This would likely ensure that the level is cleared and thus the prices are ready to head higher. The stop loss should be placed beneath the rising weekly trendline and swing low. The take profit should be set at the next swing high, which is the 0.72000 region. Once the criteria is met, as for all the trades, a 1:1 RR is necessary to manage the risk. In this case we need to wait for the price to retrace if the criteria is met. Retracement should hit 0.68000 level after which a LONG trade could be executed. This would ensure we have a 1:1 RR. However shall the criteria be met and the take profit is hit first, then the trade becomes invalid!. Have a look at the main chart for clear picture on the instruction and explanation above. Cheers, I hope you find this insight helpful. Please LIKE & FOLLOW for more insights into Major & Minor currency pairs.
Long
by FX618Analysis
GBP/AUD falling with strong downside momentum...The last time we broke down GBP/AUD was when it was trending north on the daily. Since then we have taken a huge plummet driving the trends down and prices back below 1.8000. 1.7500 looks like a comfortable 100+ pip landing spot with more potential for heavy downside movements. As of right now there is very little upside opportunity and we would advise traders not to try and pick a bottom. We will provide an update over the coming weeks to see how this pair plays out.
Short
by FTUKcom