AUDUSD although not ready just yet, should push north shortly, I see an eventual target of 0.70000; however 0.69000 is an area of concern and as such should be watch.
Please see chart linked below for more in-depth analysis
As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=0.665.
But the short term forecast is range bound, so we expect to reach the following targets:
Set the stoploss of these orders at breakout of R2=0.6665.
Stop and reverse:
If trend gets reversed, buy (stop) orders will be opened at breakout of...
In my strategy, since from September 2017 – June 2019, the fractal method I use shows a reduction in the fractals between the dates above, the following fractals should become inverted with the following fractals increasing in size as the pair starts an upward trend.
In F1 at the highlighted circle the price went above the trend line, this did not happen in F2...
We are still short AUDUSD and we see the currency pair now consolidating below 0.66 due to the continued spread of the coronavirus. This is due to China being Australia's trading partner and a significant slowdown in the Chinese economy would further impact the Australia economy increasing the probability of the RBA cutting rates.
AUDUSD Weekly Forecast for 24th - 28th 2020
- Last week after markets opened the price pulled back to my key zone @0.6725 and from here showed major loss in strength with bears taking control to hit my target 1 set @0.6605
- Going into this week we can see a lot of the bears where taking profits during the end of last week
- This could be a nice corrective move...
The AUD price is reflecting the contraction in the Asian economies as a result of Coronavirus.
Price respected the 20MA eventually breaking the consolidation region we highlighted.
Price remains oversold so any pullbacks will be an opportunity to short into. The biggest opportunity to short will be at the 66757 level.
Trades too the upside should...
AUDUSD looking to retrace to the 1 day downward trend. We are looking to follow the higher lows on the 4 hour chart. Another scalping call with a 1:1 risk to reward ration risking only 5% of the account. Risk management is key so stick to your trading plan! Welcome to your thoughts and opinions.