Hi fellow traders,
AUD/USD in our technical point of view is just forming a a swing low in its upward movement at D1 TF; the sign for that low is of course in a forming period and needs some more confirmations to lead the price action to a higher level in the next time.
Some following conditions need to be confirmed, then we are convinced for a next upward movement:
1) The candle at D1 TF needs to be closed above the 200 DMA
2) The price action must make a breakout the 0.236 Fibo retracement at the 0.7737x handle
3) A breakout that price handle at 0.7737x will lead the price action to 0.382 and 0.5 Fibo retracement easily, else Aussie will still have the big hurdle at 0.236 Fibo.
Keep watching that pair for a profitable trade.
Trade well!
Makkaba
AUD/USD in our technical point of view is just forming a a swing low in its upward movement at D1 TF; the sign for that low is of course in a forming period and needs some more confirmations to lead the price action to a higher level in the next time.
Some following conditions need to be confirmed, then we are convinced for a next upward movement:
1) The candle at D1 TF needs to be closed above the 200 DMA
2) The price action must make a breakout the 0.236 Fibo retracement at the 0.7737x handle
3) A breakout that price handle at 0.7737x will lead the price action to 0.382 and 0.5 Fibo retracement easily, else Aussie will still have the big hurdle at 0.236 Fibo.
Keep watching that pair for a profitable trade.
Trade well!
Makkaba