AUDUSD: bullish outlook, but AUS CPI and Fed cause risks
When looking at the daily for AUDUSD, I believe there's a clear uptrend visible, indicated by the orange trend line. H4 also shows lower lows and higher highs. Moreover, the lower level of the support area (indicated by the green arrows) has been tested multiple times and seems to be holding.
These are indicators that the pair could trend higher. We've seen a strong movement up to the first resistance level. From there, it's reasonable to think there will be a short retracement to previous levels, before continuing further up to the next key resistance level.
However, the upcoming Australian CPI announcement and the Fed's interest rate decision could invalidate this idea if the data proved to be different from the consensus so far. Anyone taking a position (any position really) should take care to keep in mind theses upcoming economic news releases.
For more forex insights and trading ideas, visit smartforexlearning.com and twitter.com/smartfxlearning
These are indicators that the pair could trend higher. We've seen a strong movement up to the first resistance level. From there, it's reasonable to think there will be a short retracement to previous levels, before continuing further up to the next key resistance level.
However, the upcoming Australian CPI announcement and the Fed's interest rate decision could invalidate this idea if the data proved to be different from the consensus so far. Anyone taking a position (any position really) should take care to keep in mind theses upcoming economic news releases.
For more forex insights and trading ideas, visit smartforexlearning.com and twitter.com/smartfxlearning
Comment:
And of course I meant higher lows and higher highs. Typo, tradingview doesn't seem to let me update it.