From the Technical Views:
1. From the weekly perspective, the price reached the major resistance level (PINK BOX), if the price is not able to break this resistance level, we can see the deeper retracement soon. Because is you switch to the monthly timeframe, you can notice a potential IHNS pattern.
2. From the daily point of view, price break above the previous high and created a new higher high, but we cannot expect a new move to the upside at the moment, because we are still below the weekly resistance level.
3. If the price will reject from the weekly resistance area, and break below the daily support area, we may have a potential HNS shoulder pattern, and move the price to the downside as we want to see the formation of the IHNS patter from the monthly perspective.
From the Institutional's Views:
1. The huge shift to the bullish bias on the AUD
2. In the new data, long remain added but massive of short positions were closed, net positions from -40k become 4.2k at the moment, we can expect a huge strength on AUD and drive AUDUSD to the upside.
How to approach AUDUSD?
1. Waiting for one of the scenarios I mentioned above arise to us.
2. After that, switch to the lower timeframe to find the long/short opportunity, if your rules of the strategy are fulfilled.
3. If the higher timeframe does not show a clear direction to me, I will not interested in this pair. Because, if the price does not break above/below, it can continue moving inside between weekly resistance zone and daily support zone. A.K.A range market.
The result might not follow my analysis, this analysis is according to the TA & COT perspectives.
Comment down below and let me know your view on AUDUSD.
1. From the weekly perspective, the price reached the major resistance level (PINK BOX), if the price is not able to break this resistance level, we can see the deeper retracement soon. Because is you switch to the monthly timeframe, you can notice a potential IHNS pattern.
2. From the daily point of view, price break above the previous high and created a new higher high, but we cannot expect a new move to the upside at the moment, because we are still below the weekly resistance level.
3. If the price will reject from the weekly resistance area, and break below the daily support area, we may have a potential HNS shoulder pattern, and move the price to the downside as we want to see the formation of the IHNS patter from the monthly perspective.
From the Institutional's Views:
1. The huge shift to the bullish bias on the AUD
2. In the new data, long remain added but massive of short positions were closed, net positions from -40k become 4.2k at the moment, we can expect a huge strength on AUD and drive AUDUSD to the upside.
How to approach AUDUSD?
1. Waiting for one of the scenarios I mentioned above arise to us.
2. After that, switch to the lower timeframe to find the long/short opportunity, if your rules of the strategy are fulfilled.
3. If the higher timeframe does not show a clear direction to me, I will not interested in this pair. Because, if the price does not break above/below, it can continue moving inside between weekly resistance zone and daily support zone. A.K.A range market.
The result might not follow my analysis, this analysis is according to the TA & COT perspectives.
Comment down below and let me know your view on AUDUSD.
Penafian
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