AUDUSD: LONG Opportunity Building
Updated
Very strong Bullish price action on the Aussie/Dollar after finding support around the 0.7085 handle. Price has completed a bullish head and shoulders pattern but is facing resistance at the 0.725 mark.
My system has not given a trade signal, so for now I am simply monitoring the pair to see how it follows through for the rest of the week. It is worth noting that Dealer Intermediaries have grown less net long the Aussie over the last two weeks. Next weeks CFTC report will likely continue this trend.
LEVELS TO WATCH:
0.72822 - Price crosses above the 40 period moving average.
0.7210 - 100% Fib Extension off of September low.
0.7306 - 161.8% Fib Extension off of September low.
0.73515 - 200.0% Fib Extension off of September low.
0.7315 - 0.7262 - Supply Zone
My system has not given a trade signal, so for now I am simply monitoring the pair to see how it follows through for the rest of the week. It is worth noting that Dealer Intermediaries have grown less net long the Aussie over the last two weeks. Next weeks CFTC report will likely continue this trend.
LEVELS TO WATCH:
0.72822 - Price crosses above the 40 period moving average.
0.7210 - 100% Fib Extension off of September low.
0.7306 - 161.8% Fib Extension off of September low.
0.73515 - 200.0% Fib Extension off of September low.
0.7315 - 0.7262 - Supply Zone
Trade active
Entered @0.72729, no target set just yet. (No actual signal issued).
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