USDAUX trade ideas
AUDUSD bulls run out of steam after Aussie GDPAUDUSD struggles to remain beyond a three-week-old support line, having reversed from a multi-day high the previous day, even as Australia’s Q1 2022 GDP rises past the market’s downbeat forecasts with 0.8% QoQ figures. That said, the Aussie pair bears need validation from the immediate support line, near 0.7145, to challenge the 23.6% Fibonacci retracement (Fibo.) of April-May fall, around 0.7025. The quote’s downside past 0.7025, however, could struggle as the broad 0.6965-50 support area appears a tough nut to crack for the pair sellers, a break of which won’t hesitate to refresh the yearly low, marked in May around 0.6830.
Meanwhile, recovery moves need validation from the 100-DMA level surrounding 0.7230, as well as May’s peak near 0.7265. Following that, a run-up towards 61.8% Fibo level close to 0.7345 becomes imminent. However, tops marked in March and late April, respectively around 0.7440 and 0.7455, will challenge the AUDUSD bulls before directing them to April’s high, also the yearly peak, near 0.7660.
Overall, AUDUSD recently flashed the much-awaited pullback signals and hence further downside is brewing. However, the US NFP is left to propel prices, which in turn requires the trader’s discretion.
AUDUSD UPTREND BUY WITH PROPER SLAU is creating HH formation so next key area is around 0.72500. if we break the previous high there is probability that we gonna test 0.72500 as its clear uptrend.i habe also mentioned the stop loss which is below 2 nd HL which is safe and its not gonna hit if we continues the uptrend once if in 30-40 pips profit trail sl to hl accordingly.
Make sure you do your own analysis before taking trade.
Happy weekend guys...be safe..🙋🏻♂️
AUDUSD rebound appears interesting if it stays beyond 0.6960AUDUSD managed to rebound from a two-year low on Friday, snapping a six-day downtrend and portraying a falling wedge bullish chart pattern. However, downbeat data from China and fresh fears of covid resurgence push the risk-barometer pair to reverse the previous day’s recovery moves during early Monday. Even so, the RSI’s bullish divergence, confirmation of the falling wedge seems more likely, which in turn could gain recovery strength on staying beyond the 0.6960 hurdle. Following that, a run-up towards the downward sloping trend line from early April, surrounding 0.7150 can’t be ruled out. However, the 0.7000 and the 0.7100 thresholds may offer intermediate halts during the anticipated rally. If at all the pair buyers keep reins past 0.7150, the 200-SMA level near 0.7280 will act as the last defense for the bears.
Meanwhile, fresh declines can initially target the latest multi-month low around 0.6830 ahead of challenging the 0.6800 round figure, also comprising the lower line of the aforementioned wedge. It’s worth noting that the AUDUSD pair’s sustained downtrend past 0.6800 will aim for an early 2020 peak close to 0.6685 before targeting the sub-0.6600 area.
Overall, AUDUSD bears are running out of steam and a corrective pullback is more likely.
AUD Price TrackingCommodities are on the verge of breaking out. As the Federal Reserve starts to accelerate interest rate hikes, the expectations of the entire market have changed to a certain extent. At this stage, inflation expectations have turned around to a certain extent. However, no clear variables have occurred. It is more because the interest rate level in the United States itself has been raised, which has affected the liquidity of the market itself.
💡Don't miss the great buy opportunity in AUDUSD
Trading suggestion:
". There is a possibility of temporary retracement to the suggested support line (0.7175).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. AUDUSD is in a range bound, and the beginning of an uptrend is expected.
. The price is below the 21-Day WEMA, which acts as a dynamic resistance.
. The RSI is at 70
Take Profits:
TP1= @ 0.7265
TP2= @ 0.7295
TP3= @ 0.7340
TP4= @ 0.7400
TP5= @ 0.7456
SL= Break below S2
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AUDUSD Daily Technical AnalysisOur predictions are
Sell positions below 0.7315 with targets at 0.69760 & 0.67560 in extension.
Alternative prospective
Above 0.7315 look for further upside with 0.74560 & 0.7590 as targets.
Note
The RSI indicates for further downside.
Supports and resistances
0.69760 & 0.67560
0.74560 & 0.7590
AUDUSD Daily Technical AnalysisOur preference are
Short positions below 0.7315 with targets at 0.69760 & 0.67560 in extension.
Alternative scenario
Above 0.7315 look for further upside with 0.74560 & 0.7590 as targets.
Comment
The RSI advocates for further downside.
Supports and resistances
0.69760 & 0.67560
0.74560 & 0.7590
AUDUSD Daily Technical AnalysisOur preference are
Short positions below 0.7315 with targets at 0.69760 & 0.67560 in extension.
Alternative scenario
Above 0.7315 look for further upside with 0.74560 & 0.7590 as targets.
Comment
The RSI advocates for further downside.
Supports and resistances
0.69760 & 0.67560
0.74560 & 0.7590