Similar to NZDUSD and other USD crosses, we have witnessed a spectacular rally in AUDUSD too. From a technical point of view, price broke out strongly from a descending TREND LINE(Purple line in my chart). So, has the trend changed?
Well, I believe it's too early to assume that there has been a change of trend in AUDUSD.
These year-end breakouts on the back of low volume can't be trusted.
AUD being a risk asset is vulnerable to a violent BEARISH reversal if any sort of bad news resurfaces( e.g. US-China trade war, Iran conflict, Hong Kong, etc).
Also, 0.70 area was a strong support area previously which can now be a strong resistance zone.
Hence, depending on BEARISH PRICE ACTION in lower TFs, Traders can look for SELL entries between 0.7020-0.7050 with SL above 0.7100.
TPs can be set at 0.6950, 0.6870 respectively.
Well, I believe it's too early to assume that there has been a change of trend in AUDUSD.
These year-end breakouts on the back of low volume can't be trusted.
AUD being a risk asset is vulnerable to a violent BEARISH reversal if any sort of bad news resurfaces( e.g. US-China trade war, Iran conflict, Hong Kong, etc).
Also, 0.70 area was a strong support area previously which can now be a strong resistance zone.
Hence, depending on BEARISH PRICE ACTION in lower TFs, Traders can look for SELL entries between 0.7020-0.7050 with SL above 0.7100.
TPs can be set at 0.6950, 0.6870 respectively.
Nota
WEEKLY CHART shows AUDUSD respecting the broken Support turned Resistance zoneDagangan aktif
Three SELLs 0.7022, 0.7007 and 0.6995Nota
We need a decisive break of the 100H EMA now for the sells to be safe.Nota
Very close to first TP
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.