AUDUSD Trade Idea 0908-2008
From the H4 perspective AUDUSD was moving in a uptrend channel where price find a recent strong support at 0.7330-0.7300.
From the D1 perspective AUDUSD is moving in a bearish mode where price is forming a bearish flag pattern after a strong impulse move since early of the June.
This pair has been in a bearish mode since Wednesday after the US ISM manufacturing result is better than expected of which has sent price lower from the top of 0.7430+- intraday high.
It was further lower on Friday after the a strong US NFP data result is released of which has broken the trend line of the uptrend channel.
Price likely to undergo a short term reversal to the at coming week before it proceeds to its sell direction.
While recent RBA statement quoted that rate maintained at 0.10% and the purchase of government securities will be still on going till Sept21.
Sentiment wise where traders are increasing in net short position.
Look for sell opportunity till 0.7200 and the next support level would be at 0.7150 & 0.7030.
Remarks from author
1)This analysis does not represent long or short trade immediately, it is solely on the author analysis
2)Trade at your own risk with proper lot sizing and follow your own trading plan
3)Risk management is always be the top priority
From the D1 perspective AUDUSD is moving in a bearish mode where price is forming a bearish flag pattern after a strong impulse move since early of the June.
This pair has been in a bearish mode since Wednesday after the US ISM manufacturing result is better than expected of which has sent price lower from the top of 0.7430+- intraday high.
It was further lower on Friday after the a strong US NFP data result is released of which has broken the trend line of the uptrend channel.
Price likely to undergo a short term reversal to the at coming week before it proceeds to its sell direction.
While recent RBA statement quoted that rate maintained at 0.10% and the purchase of government securities will be still on going till Sept21.
Sentiment wise where traders are increasing in net short position.
Look for sell opportunity till 0.7200 and the next support level would be at 0.7150 & 0.7030.
Remarks from author
1)This analysis does not represent long or short trade immediately, it is solely on the author analysis
2)Trade at your own risk with proper lot sizing and follow your own trading plan
3)Risk management is always be the top priority
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