Printable View
If a M15 close above 1.0720 buy only and do not sell. If price closes back below it again do nothing.
If a M15 close below 1.0630 sell only and do not buy. If price closes back above it again do nothing
The range 1.0720 and 1.0630 is neutral area, any trade done in between is personal decision and not part of this analysis
AUD/USD edges higher to 1.0764 but fails to sustain above 61.8% projection of 0.9926 to 1.0601 from 1.0314 at 1.0731 so far and retreat.
On the downside, whilst pullback to 1.0500 cannot be ruled out, reckon said support at 1.0405 would hold and bring such a rebound to aforesaid upside target
the market was trying to edge higher, whereas the overall trend is still bearish. This significant rally may cause swing traders to sell higher. I don’t have a new position on this pair.
market participants see borrowing costs in Australia falling by more than 100bp over the next 12-months, and speculation for lower interest rates may gather pace should the central bank continue to highlight the weakness in the real economy.
Growing more cautious as the market retreats from yesterday's 1.0765 high. Initial support is at 1.0621/1.0593. Below risks deeper setback to 1.0561/35 area. Bulls must clear 1.0765 to re-open the upside targeting 1.0827 next.
AUD/USD is forming an impulse wave C of the 4th order in an upturning midterm trend from 1.0418. Inside it there is also an impulse C from 1.0621 – the wave of the 3rd order development. The aims above are now calculated by the extension grids 0.9928-1.0600-1.0315, 1.0315-1.0533-1.0418, 1.0418-1.0685-1.0621.
In the interim, look for intraday rallies to be well capped ahead of 1.0600. The price is also contemplating the establishment back below the 200-Day SMA which further strengthens downside bias.
The AUD/USD pair fell, and then rose on Friday as traders took on more risk in the later hours of the session. The recent consolidation area looks like it wants to be supportive of the market, and we feel that we will see the 1.05 level tested fairly soon
Other supports are located at the 1.0313 level and the 0.9926 level, its Aug 09’2011 high. Further down, support stands at the 0.9800 level.