My BIAS for AUD/USD for the upcoming week is NEUTRAL.
My reasons for this is
-We are currently consolidating between a Daily Support at 0.67400 & 4H Resistance at 0.67980. Currently price is at 0.67486 just above our Daily Support so we could see a rejection of this level and a Long position towards 0.67980 or we could see a break below and a retest of our Daily...
Really boring consolidation last week as we see a very weak Phase 2 movement
Look out for an exhaustion candle move up this week and if price stays below 0.6850-60 then there is a potential for a Phase 1 move back to the downside
A move above the level could signal that the weekly chart has bottomed out. Interesting to note that the Pre-Election seasonal cycle...
AUDUSD - Intraday - We look to Buy at 0.6745 (stop at 0.6715)
Posted Mixed Daily results for the last 7 days. RSI (relative strength indicator) is flat and reading close to 50 (mid-point) highlighting the fact that we are non- trending. Trading between support at 0.6745 and resistance at 0.6821. Preferred trade is to buy on dips. Price action is forming a bullish...
. There is a possibility of temporary retracement to suggested support line (0.6735). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. AUDUSD is in a range bound and the beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance....
AUDCAD pair is weakening for the last couple of weeks and a recent pullback from previous low at 0.8889 is now ready to fall again. This time probably re-testing 0.8889. Partial profit is set at 0.89379 while a stop loss is at 0.90577. Risk/Reward for this short trade is 1:1.3
PLAN YOUR TRADES AND TRADE YOUR PLANS
We are taking a look at Aussie dollar versus US dollar on our trading view channel today. We have taken the daily chart to show the support level the market has found dating back to January flash crash as well as the descending channel we have been trading in for many months now. We are looking for a bounce from this support area at 0.675 area up...
A change in trend on the smaller time frame means change in phase in the higher time frame. After a big spike down, price finally moved into Daily Phase 2.
I am looking for a move up to the 0.6860 level before another potential push to the downside