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U.S. Dollar / Australian Dollar

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USDAUD trade ideas

AUDUSD:CASE OF ENDING DIAGONAL Theory: DIAGONAL: Diagonal are the motive waves like an impulse wave, but diagonals are different from impulse wave in that they do follow the first two Sutras (rules of impulse wave) for wave analysis, but it does not follow the third one i.e. Wave 4 should not intervene the territory of the wave 1. In a diagonal wave 4 always enters into the price territory of the wave 1. Properties Of Diagonals: Diagonals can be contracting or expanding type being expanding diagonal a rare one. In contracting type, wave 3 is shorter than wave 1, wave 5 is shorter than wave 3, and wave 4 is shorter than wave 2. In expanding type, wave 3 is longer than wave 1, wave 5 is longer than wave 3, and wave 4 is longer than wave 2. Types Of Diagonals: LEADING DIAGONAL ENDING DIAGONAL LEADING DIAGONAL: In a leading diagonal , waves 1,3, and 5 are all impulsive in nature or all in corrective form of zigzags. Wave 2 and wave 4 are always present in a zigzag form. A leading diagonal suggests the starting of a new wave & that is why it can develop wave 1 of a impulse wave and a first wave of a zigzag pattern. ENDING DIAGONAL : This is the most common diagonal that can be found out at the ending of a main trend or main correction. It consists of all the waves 1-2-3-4-5 in a single or multiple zigzags. They can be found placed at 5th wave of an impulse wave or can been seen as a wave ‘C’ of a corrective waves zigzags or flat. After the termination of the ending diagonal , a swift & a sharp reversal takes place which bring the prices back to the level from where the diagonal began. TRADING STRATEGY: Buy AUDUSD with SL of 0.66800 (clbs) and look for the upside targets of 0.7000/ 0.71000/ 0.71800
Long
by TradingSutra
5
AUDUSD stays inside short-term bearish channel at yearly lowAUDUSD justifies its risk-barometer status aptly as it remains near the two-year bottom, inside a 12-day-long bearish channel. The quote’s further downside, however, appears limited in the short-term due to the nearness to the stated channel’s lower line, close to 0.6690 at the latest. That said, the 61.8% Fibonacci Expansion (FE) of June 16 to July 05 moves, near 0.6705, could offer immediate support to the Aussie pair. In a case where the bears refrain from stepping back from 0.6690, the 78.6% FE level near 0.6650 could gain major attention. Alternatively, the 50-SMA level surrounding 0.6800 guards the immediate recovery moves ahead of the immediate descending channel’s upper line, around 0.6840 by the press time. It’s worth noting that a clear upside break of the 0.6840 hurdle isn’t a call to the AUDUSD bulls as the 100-SMA level of 0.6855 could challenge the advances afterward. Should the quote rises past 0.6855, the odds of its run-up towards the late June swing high near 0.6965 and then to the 0.7000 psychological magnet can’t be ruled out. Overall AUDUSD remains in a bearish trajectory, despite the recently firmer Aussie jobs report and increasing calls about the RBA’s aggression. However, the downside room appears limited.
by MTradingGlobal
AUDUSD rebound appears overdue on RBA rate hike dayAUDUSD holds onto its bounce off a downward sloping support line from late January, as well as the 61.8% Fibonacci Expansion (FE) of April-June moves as traders await the Reserve Bank of Australia’s (RBA) third rate hike. Nearly oversold RSI also hints at the quote’s further recovery, in addition to the hawkish hopes from the Aussie central bank. The upside momentum, however, remains elusive unless crossing the late January swing low surrounding 0.6965-70. Also likely to challenge the pair buyers is the 50-day EMA level of 0.7050 and the 200-day EMA close to 0.7210. In a case where the quote rallied beyond 0.7210, the odds of its run-up beyond June’s top of 0.7282 can’t be ruled out. On the contrary, the 61.8% FE level, near 0.6770, precedes the aforementioned support line from January, around 0.6750, to limit the short-term downside of the AUDUSD pair. Should the pair stays on the back foot below 0.6750, the March 2020 high near 0.6680 will act as the last defense for the pair buyers, a break of which won’t hesitate to drag the prices towards the April 2020 peak of 0.6569. Overall, AUDUSD is likely to witness a corrective pullback and the RBA’s rate hike could serve the purpose. However, the Fed Minutes and US NFP may keep sellers hopeful and hence the pair buyers need to remain cautious.
by MTradingGlobal
AUDUSD keeps door open for bears targeting 0.6800Despite the recent rebound, AUDUSD holds onto the downside break of fortnight-old support amid an absence of oversold RSI, which in turn hints at the pair’s likely to rush towards refreshing yearly low. However, the latest bottoms surrounding 0.6850 and 0.6830 may act as intermediate halts during the fall. That said, the 61.8% Fibonacci Expansion (FE) of June 03-16, at 0.6800, will be in the spotlight. In a case where the quote remains bearish past 0.6800, the late 2018 lows near 0.6745 could become a buffer before directing the bears towards the 2019 trough close to 0.6670. Meanwhile, the corrective pullback may poke the support-turned-resistance line from mid-June, at 0.6900 by the press time, a break of which could escalate the recovery towards the weekly resistance line close to 0.6955. It should be noted, however, that the 100-SMA and the 200-SMA, respectively near 0.6990 and 0.7035, could challenge the AUDUSD bulls afterward. Should the prices rally beyond 0.7035, the June 16 peak of 0.7069 might act as the last defense for bears. To sum up, AUDUSD has already flashed a bearish signal to refresh yearly lows, mainly due to its risk-barometer status.
by MTradingGlobal