AUDUSD Trade Idea 2308-2608
AUDUSD from D1 and H4 is in a downtrend with stochastic at oversold region.
Recent support can be found at 0.7100 and resistant at 0.7170.
Look for sell opportunity at Monday US session if price were to retrace back to 0.7170-0.7200+- for a rejection at these area for confirmation.
However, the bearish impulse bearish may come to at end where a price consolidation might happen at these area near to year low.
Fundamental wise NSW is still in a lock down, RBA quoted that the rate hike will be hold as per last meeting by RBA at earlier of the month.
Retail sales is set to release at Friday 930am MYT. While as for recent FOMC meeting minutes, the FED hint that the bond purchase tapering likely to be carried out as soon as at the end of the year where USD strength is temporally is still control.
Jackson Hole Symposium at coming weekend, where traders likely to get a clue from FED chair for more information on the tapering.
Sentiment traders were nett short compared to last week.
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
Recent support can be found at 0.7100 and resistant at 0.7170.
Look for sell opportunity at Monday US session if price were to retrace back to 0.7170-0.7200+- for a rejection at these area for confirmation.
However, the bearish impulse bearish may come to at end where a price consolidation might happen at these area near to year low.
Fundamental wise NSW is still in a lock down, RBA quoted that the rate hike will be hold as per last meeting by RBA at earlier of the month.
Retail sales is set to release at Friday 930am MYT. While as for recent FOMC meeting minutes, the FED hint that the bond purchase tapering likely to be carried out as soon as at the end of the year where USD strength is temporally is still control.
Jackson Hole Symposium at coming weekend, where traders likely to get a clue from FED chair for more information on the tapering.
Sentiment traders were nett short compared to last week.
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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