The RBA is set to maintain the AUD interest rates later today. The AUD fundamentals coincide with key aspects of technical analysis on the price chart. Price is at a previous support/ resistance where the market has paused and reversed multiple times before. What are the chances that the market will reverse here again?
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Sometimes the market hits your SL just to later go in your direction. Damn!
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New highs were made by close of the daily candle yesterday. The trend continues.
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Anticipating a breakout and continuation of the trend above 0.6800. Reserve Bank Of Australia earlier on Tuesday maintained the AUD interest rates at 4.10, providing a pull back and an opportunity to join the trend. AUD is weak on the long term.
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Just check the volume associated with the yesterday candle. Humongous volume !. This is nothing else but professional money coming in the market. According to the Commitment of Traders analysis on my youtube, the Non Commercial traders are heavily long on the EURO. Stay long!
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Price is back at the 1.6500 highs. Expecting the dominant bullish trend to continue in the coming days/weeks and the market to make new highs above 1.6600. So far, so good !
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The Dominant trend resumes !
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New highs in the trend @ 1.6900 !
Thedeveloper