Since price last visited the 2023/2024 Fall Support Zone making a Divergent Low @ .63623 , it has continued to move higher finding Support at a Local Support Zone!
After this we see a New High @ .67141! Using the Fib Tool from Divergent Low to New High, we are given a Fib Entry Zone where Price has already corrected too!
Currently, we see price is now struggling with the Fib Kill Zone!
-All this Price Action is happening just under a Falling Resistance and with this much built up pressure I believe we could see price make quite a move to the UPSIDE!!!
At Market Open, Price had opened WAYY above our Falling Resistance making a GAP to FILL and price has already done that!
-Price now is also trading ABOVE the 200 EMA
-If price can continue to stay above the Kill Zone, I believe it will have a good chance at Breaking the Local Resistance Zone and then onto the Dec. 2023 Resistance Zone @ .6850 Levels
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Gap to Fill at Market Open on 1Hr Chart
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I set Limit Orders for when price would Fill the Gap and it did!
Buy Entries @ .6670 SL @ .6635
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-FUNDAMENTAL_
AUD Commodity Prices y/y came in with IMPROVEMENT! (-4.1% Actual v. -6% Previous)
USD has ISM Manufacturing PMI numbers coming out this morning @ 9AM CST!
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Above the 200 EMA, we see Price has declined down to Test the Rising Support of what looks like a Bullish Flag Forming!!
- A Bullish Break of this Pattern will be Confirmation of Pattern and confirmation of Bullish Continuation!!!!
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Price came down and found Support at the Falling Resistance creating a FALSE BREAK!!
BULLS ARE IN!
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Added Buy Positions in Support Zone @ .6656!
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The False Break comes to us in the form of a Morning Doji Star!!!
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Final Manu. PMI RESULTS IN!! (51.6 Actual v. 51.7 Forecast/51.7 Previous)
Showing SLIGHT CONTRACTION!
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ISM Manu. PMI & Prices RESULTS IN!!! ISM Manu. PMI - (48.5 Actual v. 49.2 Forecast/48.7 Previous) ISM Manu. Prices - (52.1 Actual v. 55.8 Forecast/57 Previous)
Showing CONTRACTION!! -Strengthening the prediction for this Trade Idea!!
Construction Spending m/m also came in DISAPPOINTING! (-.1% Actual v. .3% Forecast/.3% Previous)
If the Rate Hike story continues to play out through these upcoming meetings, I believe this will fuel favor towards AUD!
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Here we can see AU has successfully formed a Pennant pattern with today being a Bullish Break!
I will be looking for a Retest of the Break of Pattern at the Falling Resistance to add more positions!
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Price on AU is currently retracing down to the Break of Pattern and Previous Highs at Resistance-Potentially-Turned-Support Zone for some Potential Buy Entries!!
Stay Vigilant!
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Price has dipped back down to the Previous Highs of the Pennant Pattern AND currently testing the .6713 area as possible Support!
Entered Buy Positions @ .6720 SL @ .6670
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Let's talk Fundamentals!
USD Retail Sales results came in this morning: Core Retail Sales m/m - .4% Act. v .1% Forecast/.1% Previous
Retail Sales m/m - 0% Actual v -.3% Forecast/.3% Previous
Not much promise..
AUD tonight will be releasing Retail Sales tomorrow evening!
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Price fell to test the Support Zone and is showing Bullish Reactions
Today Price made another dip back to test the Support Zone and Previous High of the Pennant Pattern!
Upon the Employment Change Results for AUD: 50.2K Actual v. 19.9K Forecast/39.5K Previous ..With quite the uptick in employment, we see Price getting some BULLISH POWER from the level once again!
Will the Bullish Confirmation of this move come to use in this area as a Double Bottom?!?
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