AUSIE Hi everybody.
Currently, we look at the H4 time frame and see that this pair is forming a corrective wave B - the foot of the wave is in the form of ABCD.
Analyzing on H1 chart - AUD future, we find that the pair is moving within a narrow price range of 0.684 - 0.689 - accumulating to move upwards, the target is expected to be in the area of 0.692 - 0.695 to complete wave B .
Now, looking in the accumulation area, we see a volume of 2 times creating Buyingclimax at the bottom of the rectangular box. The price is now moving higher to the top of the box, and has begun testing the supply with a small volume bar - this is good news because the supply has shown signs of exhaustion.
We are now waiting for the price to break out of the rectangular box with a high volume in order to identify the breakout above.
The difference between AUD-US 10-year bond yield shows that the trend is still supporting the AUD
Accompanying with technical analysis, basic information of RBA this morning showed that RBA's policy is to support AUD, though not much, it is enough to make the market reassuring.
Happy Trading!
#GrabTrader
