AUDUSD find support @ 100 DMA.2Years Down Trend looks vulnerable
One of the best and our favorite pair to trade Aussie/Dollar is trying to find support @ 100 days moving average. We love to trade Aussie/Dollar because it behaves very consistent with respect to fundamentals developments.
Furthermore this pair is used to gauge different aspects( like risk-on/off) of market along with other indicators. After Euro, Aussie bears highest trading volume in FX Majors.
From mid July onward pair has printed double bottom ( one of consistent patterns to overturn the trend). Technically Its looks attractive that If AUD/USD closes above .6900-6920 handle, Its can retest the congestion break level
@ 7080-7100. But its need fundamental catalyst for pair to progress ahead from here.
Just Technical and Spirit based trading cannot push this pair higher because all big brothers trade this pair with rich volumes and they never think about to trade a pair against the fundamentals. .....Because, Even if Market moves against the fundamentals (which happens often in FX), it corrects itself back sooner than later in the direction of fundamentals.
One more important thing which concerns us here is the aussie counterpart NZD/USD heading to south. Both pairs usually (not necessarily) move in tandem.
Until a clear picture evolves, Be Patient , Sit-back, Relax and Enjoy you Sips......
Furthermore this pair is used to gauge different aspects( like risk-on/off) of market along with other indicators. After Euro, Aussie bears highest trading volume in FX Majors.
From mid July onward pair has printed double bottom ( one of consistent patterns to overturn the trend). Technically Its looks attractive that If AUD/USD closes above .6900-6920 handle, Its can retest the congestion break level
@ 7080-7100. But its need fundamental catalyst for pair to progress ahead from here.
Just Technical and Spirit based trading cannot push this pair higher because all big brothers trade this pair with rich volumes and they never think about to trade a pair against the fundamentals. .....Because, Even if Market moves against the fundamentals (which happens often in FX), it corrects itself back sooner than later in the direction of fundamentals.
One more important thing which concerns us here is the aussie counterpart NZD/USD heading to south. Both pairs usually (not necessarily) move in tandem.
Until a clear picture evolves, Be Patient , Sit-back, Relax and Enjoy you Sips......
