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Audusdsetup

AUDUSD - TESTING KEY RESISTANCESymbol - AUDUSD CMP - 0.6530 AUDUSD continues to advance amid persistent uncertainty surrounding the US dollar, which remains in a consolidation phase. The currency pair is approaching a key resistance level at 0.6537 The dollar is currently range-bound due to prevailing market indecision. In contrast, the Australian dollar is gaining strength and appears poised to test a significant liquidity zone. Within the context of the prevailing trend, the pair is progressing toward both resistance and the identified liquidity area. Given the considerable distance from the initial opening, the potential for continued upside may diminish as the pair nears its target. A false breakout above 0.6537 could signal the onset of a corrective pullback. Resistance level: 0.6537 Support levels: 0.6509, 0.6480 A swift movement toward resistance without sustained bullish momentum could result in a false breakout at 0.6537 Should the price consolidate below this threshold, a corrective phase may follow before any potential resumption of the upward trend.
Short
by akshit_official
AUDUSD - RETRACEMENT WITHIN UPTREND BEFORE FURTHER GROWTHSymbol - AUDUSD CMP - 0.6302 AUDUSD pair, supported by a decline in the US dollar, holds significant potential for continued growth. However, given the upcoming NFP release today, Friday, the associated risks are heightened. Currently, the currency pair is establishing a local uptrend, and in conjunction with the weakening dollar, the Australian dollar may sustain its strengthening trajectory. On the 4-hour chart, a local correction is developing towards an imbalance zone, with a strong support level at 0.6300 The price is displaying a false breakout, attempting to capture liquidity and subsequently consolidate at higher levels. Should the bulls successfully defend the 0.6300 – 0.6330 range, the price is positioned to maintain its upward momentum in both the short and medium term. Key support levels: 0.6300, 0.6255 Key resistance levels: 0.6330, 0.6363 A consolidation above the 0.6300 level, followed by a sustained rise and consolidation above 0.6330, would confirm the bulls' intentions for further upward movement. However, with the NFP release and other significant economic data on the horizon, the risks are amplified, and elevated market volatility should be expected.
Long
by akshit_official
AUDUSD trading strategy on October 20The RBA meeting has been held and we have found the co-governor leaning towards the possibility of additional interest rate hikes and will await economic data in the near term. In line with the hawkish trend, RBA Governor Michele Bullock spoke at the summit yesterday and pointed to recent back-to-back events that provide a high reward. All of this makes Wednesday's Australian Q3 CPI the focus of attention for AUD. A Bloomberg survey expected the full share to come in at 5.2%, well above the RBA's mandated target of 2-3%. In the near future, US government bond benefits will increase higher than continued USD support and could create AUD/USD at a new bottom.
Long
by NicoTradingMaster
Who's Right? Hawk Economists vs. Dove Traders - RBA meets Today Who's Right? Hawk Economists vs. Dove Traders - RBA meets Today Yesterday, the AUD/USD experienced its third consecutive day of growth. However, the upward trend is expected to face obstacles during Tuesday's trading session due to the impending Reserve Bank of Australia meeting. Despite some analysts adopting a more hawkish stance and predicting a rate hike as the most likely outcome of today's meeting, money market traders have reduced their forecast to a one-in-three chance of an increase, down from 40 percent on Friday afternoon. Although inflation numbers in Australia have slowed down, the Consumer Price Index remains above the target range, while the key interest rate stands at 4.1 percent, below the CPI. Furthermore, recent remarks from RBA Governor Lowe have maintained a hawkish tone, leaving the possibility of further rate hikes open, even after two unexpected increases. As US markets remain closed in observance of Independence Day, the AUD/USD has been consolidating at 0.66700 prior to the RBA decision. With conflicting views from economists and traders, the meeting's outcome has the potential to inject some volatility into the pair. In terms of potential resistance levels, the initial zone to watch out for is around 0.66900, followed by 0.67200. However, it is important to note that considering the RSI's decline below the 60.00 level, the upward momentum has weakened. Nevertheless, the overall inclination remains biased towards the upside. Therefore, exploring higher levels may not be immediately feasible.
by BlackBull_Markets