Technically perspective, AudUsd has been break out of the key level 0.7400 since mid of Oct21 as risk on environment recently, where trader interest to shift their money into the risk currencies such as AudUsd and NzdUsd.
Its resistant could be found at 0.7600, while support around 0.7400+-
AudUsd during European session has reach a low of 0.7485 while as New York session, it is trading at 0.7520+- level.
As we can see, rising wedge pattern in the H4 chart, where price likely to move back into the region 0.7500-0.7550 region before the RBA meeting tmr.
Fundamentally, tmr RBA is expected to maintain its cash rate at 0.10%, where the RBA governor rate statement will create a volatility on this pair as trader and investor will keep an eye on any clues of the rate hike.
If the RBA delivers a hawkish statement by tmr meeting, it should not be surprise to see that AUD will be in a temporally bullish movement till 0.7550+- above level.
If the price moves to test the 0.7600 resistant level and with a confirmation on the sell signal, we may consider to look for sell trade from this level.
Split lot size may consider as we may scale in the position as if it moves favour to our sell direction.
FOMC this week may create a fuel for this pair, if Powell deliver a hawkish statement where USD is likely to be strengthened.
While sentiment wise AUD has been net short from CFTC.
Remarks from author
1)This analysis does not represent long or short trade immediately, it is solely on the author analysis
2)Trade at your own risk with proper lot sizing and follow your own trading plan
3)Risk management is always be the top priority
Its resistant could be found at 0.7600, while support around 0.7400+-
AudUsd during European session has reach a low of 0.7485 while as New York session, it is trading at 0.7520+- level.
As we can see, rising wedge pattern in the H4 chart, where price likely to move back into the region 0.7500-0.7550 region before the RBA meeting tmr.
Fundamentally, tmr RBA is expected to maintain its cash rate at 0.10%, where the RBA governor rate statement will create a volatility on this pair as trader and investor will keep an eye on any clues of the rate hike.
If the RBA delivers a hawkish statement by tmr meeting, it should not be surprise to see that AUD will be in a temporally bullish movement till 0.7550+- above level.
If the price moves to test the 0.7600 resistant level and with a confirmation on the sell signal, we may consider to look for sell trade from this level.
Split lot size may consider as we may scale in the position as if it moves favour to our sell direction.
FOMC this week may create a fuel for this pair, if Powell deliver a hawkish statement where USD is likely to be strengthened.
While sentiment wise AUD has been net short from CFTC.
Remarks from author
1)This analysis does not represent long or short trade immediately, it is solely on the author analysis
2)Trade at your own risk with proper lot sizing and follow your own trading plan
3)Risk management is always be the top priority