After days of short for Aussie we anticipate a bull from this point, as we currently hold at a point of interest where it bound off when it reaches 0.667 area...be patient of how it plays out.. this trade will be a long hold bull same as NZD
We as other we will share our trade idea on daily basis on how we see and feel on the current market, on what we think and the trade we be going to take on.
Hope to get your support as we will strive to do our best as the time to come.
Hope traders out there feel free to join our cause
The main trend is down according to the daily swing chart. Taking out Friday’s low at .6683 will signal a resumption of the downtrend. The next target is the October 2, 2019 main bottom at .6671.
The nearest main top is .6934. Taking out this top will change the main trend to up. This is highly unlikely however. Due to the prolonged move down in terms of price and time, aggressive counter-trend traders shouldn’t be trying to pick a bottom. Instead they should be watching for a closing price reversal bottom.
The formation of a closing price reversal bottom won’t indicate a change in trend, but it could lead to an impressive counter-trend rally.
The minor trend is also down. The minor trend will change to up on a trade through .6777. If this occurs, momentum will shift to the upside.
Daily Swing Chart Technical Forecast
Given the downside momentum into Friday’s close, we strongly anticipate a lower opening on Monday. Sellers are likely to go after the October 2, 2019 main bottom at .6671.
Don’t be surprised by an acceleration to the downside on a break through .6671. There is no major support until the March 3, 2009 main bottom at .6285.
We’re expecting a steep break because the coronavirus is spreading and economic conditions are worsening. Furthermore, we’re anticipating a lot of selling pressure once China’s stock market opens on February 3 after being closed for more than a week.
This article was originally posted on FX Empire
LeadingFX
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@thdehddns, possible as from fundemental standpoint indeed selling pressure is there..for weeks and month this has been an interesting point for aussie, if this break we can assure that it will revisit 0.6. But next week tuesday will have AUD cash rate& RBA Rate statement. Do anticipate a bull from that, but need to be patient and SL to be there in case bad happens.