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AUDUSD

AUDUSD has limited downside room on RBA dayHaving breached a one-month-old bullish channel the last Friday, AUDUSD portrays a recovery that recently crossed the 200-SMA and a horizontal support area comprising multiple levels marked since early December 2022, respectively near 0.6900 and 0.6880-70. Also adding to the downside filter is a seven-week-long ascending trend line, close to 0.6840 at the latest, a break of which won’t hesitate to drag prices toward the previous monthly low surrounding 0.6685. It should be noted that the oversold RSI (14) hints at a corrective bounce even if the MACD supports the bearish momentum. Alternatively, recovery moves may initially aim for the 0.7000 psychological magnet in case of the hawkish RBA announcements, other than the already known 0.25% rate hike. Following that, the aforementioned channel’s lower line, around 0.7080 by the press time, could probe the AUDUSD bulls. In a case where the Aussie pair buyers remain in control past 0.7080, a weekly resistance line near 0.7165 will act as the last defense of the ears bears. To sum up, AUDUSD remains on the bear’s radar on the RBA day but the downside appears limited.
by MTradingGlobal
AUDUSD stays pressured towards 0.6980-75 support confluenceDespite the latest pause, AUDUSD extends the week-start pullback from a nine-month high as the economic calendar starts spreading key releases. In doing so, the Aussie pair stays inside the monthly bullish channel. That said, the RSI retreat from overbought territory joins the downbeat MACD signals to also tease bears. Even so, a convergence of the stated channel support line and the 100-SMA highlights the 0.6980-75 zone as the key for the bear’s entry. Following that, a seven-week-old horizontal support zone near 0.6880 could challenge the quote’s further downside before placing the bear in the driver’s seat. Meanwhile, multiple highs marked around 0.7130 and the recent peak surrounding 0.7150 could challenge AUDUSD bulls. Also acting as an immediate upside hurdle is the aforementioned bullish channel’s top line, close to 0.7170 at the latest. In a case where the Aussie pair remains firmer past 0.7170, the 0.7200 round figure and May 2022 high surrounding 0.7285 could gain the buyer’s attention. Overall, AUDUSD slips from the bull’s radar but the bears need confirmation before taking control.
by MTradingGlobal
AUDUSD - 15M PROJECTIONDISCLAIMER: The Company accepts no accountability or obligation for your trading and speculation results, and you consent to hold the Company innocuous for any such outcomes or misfortunes. We are not financial advisers or account managers; We are Forex traders. The recordings on this channel are rigorously for educational and amusement purposes. Trading Forex implies dangers, and you can lose all your venture ; consequently, you exclusively must take a chance.
Short
by Azif123
Approach towards AUDUSD Short.Hello Traders! 1. We see an Elliotical rising wedge completed. 2. A clear impulse down . We can expect at least one more impulsive wave even if it happens to be a zigzag correction and not an impulse down. 3. A retracement of 61.8%. 4. The invalidation level and target levels have been marked on the chart . 5. This is not a very long term trade . Though, it is not expected for AUDUSD market to touch the invalidation level even after our trade is complete, we will still not go short further than Target 2 and wait for re-entry. Do use proper risk management. Happy Trading! Profits, Market's Mechanic.
Short
by UnknownUnicorn27677748
AUDUSD braces for further upside inside 3.5-month-old bullish chDespite the AUDUSD pair’s south-run on the downbeat Aussie jobs report, the pair trades successfully inside a 3.5-month-long upward-sloping trend channel. That said, the overbought RSI highlights beyond an ascending trend line hurdle stretched from mid-November and the 61.8% Fibonacci retracement level, respectively near 0.7015 and 0.7090 as near-term key hurdles. Following that, the August 2022 peak surrounding 0.7140 could act as the last defense of the Aussie pair sellers, a break of which could propel prices towards June’s top of 0.7282 before eyeing further advances. Alternatively, pullback moves could aim for the aforementioned channel’s lower line, near 0.6800, as well as the 50-DMA level surrounding 0.6770. In a case where the AUDUSD price drops below 0.6770, the bearish trend could be respected, which in turn highlights the 23.6% Fibonacci retracement level near 0.6500 as the attraction for bears. Overall, AUDUSD holds onto further upside even as the overbought RSI line hints at a pullback.
by MTradingGlobal
AUDUSD bulls are all set to visit the 0.7000 thresholdOn Friday, AUDUSD offered the first daily closing beyond the 200-DMA, as well as a downward-sloping trend line from June, despite an upbeat US jobs report. The upside momentum recently crossed multiple hurdles surrounding the 0.6900 threshold, as well as the tops marked during early September 2022 near 0.6915, which in turn suggests the pair’s run-up towards the 0.7000 psychological magnet. In a case where the Aussie bulls keep the reins past 0.7000, a run-up towards the August 2022 peak around 0.7135 can’t be ruled out. Alternatively, sellers need to wait for a clear downside break of the resistance-turned-support line from June, close to 0.6830 at the latest. Even so, a two-month-old ascending support line, near 0.6730, could probe the AUDUSD bears before giving them control. In a case where the Aussie pair remains weak past 0.6730, the lows marked during December and the mid-November, close to 0.6630 and 0.6585 in that order, should lure the sellers. Overall, AUDUSD is ready for further upside towards the 0.7000 psychological magnet.
by MTradingGlobal