AUD Analysisas we can see this is without the fundamental analysis and there is not important news in this week on AUD
so I think it will go down this week and also there is a buying saturation and therefore emphasizes the selling trades
AXY trade ideas
Wait Point 71.6 For the Australian dollar c currencyThe Australian dollar index is in a declining general trend since 2011, but it broke the trend line and returned to test it unless it broke its resistance 71.6 and trades above the trend and returns inside the symmetrical triangle and its target is resistance 81 .If, however , the trend is tested and traded beneath it, its target 53/41 we wait for this joint point 71.6 and we follow the event.
AXY: Barely Neutral Wait for price action to test 64.0.
Non-Commercial Traders have been dumping the Aussie Dollar for over a week. Price action is testing the bottom of this 4 Hour Chop Block. Yet, the pair is still relatively neutral. Breaking 64.0 will be a major move and a possible indication of long-term direction.
The entire move is a near .886 of the March 9 High 64.7. However, falls short and is more of a .782 sloppy corrective pattern. That doesn't indicate strong momentum downward. However , doesn't justify changing long-term trend.
As Non-Commercial traders dump this pair, it could in fact continue the pair into its overall bias. Breaking 64.0 opens the door to 63.9 and 63.5.
A potential bull market on AXY this is potential bull market with a potential entry at .61200 Zone and SL at risk appetite level id rather 20 pips and a TP at .63241
That calls for a 204 pis in profit a 1:2 RRR
FX | Australian Dollar Currency IndexFX | Australian Dollar Currency Index | The long term trajectory remains lower, with the price currently being rejected at the key 70 level, which previously served as the prior breakout zone (April 2009) and the prior support (September 2016 to February 2016). The current price action suggest that the weight of probabilities lean toward a test of the 2008/2009 Global Financial Crisis lows at 62c.
