AUDUSD Go Long Falling Wedge
After hitting a fresh three-week high level on Tuesday, the AUDUSD pair tipped lower on Wednesday and is now trading marginally below 0.7600 handle. This coupled with the strong daily closing is enough to indicate that the 2-week neutral phase has shifted to bullish. According to analysts at UOB Group, the outlook on the Aussie dollar remains bullish and could target 0.7580 in the next weeks (AUDUSD Technical Analysis Today).
AUDUSD Technical Analysis Today
On the immediate downside, weakness below 0.7580 seems to drag the pair immediately towards 0.7550-45 previous resistance, now turned support. A follow through selling below 0.7550 support would turn the pair vulnerable to drop back towards 100-day SMA support near 0.7500 psychological mark, which if broken would negate any near-term bullish bias and exert additional selling pressure in the near-term. On the flip side, sustained strength above 0.7600 handle, and a subsequent momentum above 0.7630-35 resistance area, has the potential to continue boosting the pair, initially towards 0.7670-75 resistance and eventually towards its next major resistance near 0.7800 handle.
AUDUSD Short Correction Then Impulse
The AUDUSD pair initially fell during the course of the day on Tuesday, but the 0.75 level appears to be massively supportive. Ultimately, this is a market that has shown quite a bit of strength even though the Reserve Bank of Australia cut rates yesterday. Ultimately, this is a market looks as if it is ready go higher given enough time but we will have a lot of volatility. Pay attention to the gold markets, because they will drive where the Aussie dollar goes next. Higher gold goes, the higher the Australian dollar typically goes. It doesn’t have to move in the same direction at the same time, but longer-term there is a correlation that we typically see, and as a result I believe that it is only a matter of time before that happens (AUDUSD Technical Analysis Today).
AUDUSD Gartley Found In H4 Chart
This is a smaller possible gartley in H4 chart. So there will be a short term buy opportunity at between 0.73628-0.73814. But i will see the price action at there first before entering the market. If this idea fail, then i will sell high until price reach next PRZ. It also means that the price now may have chance to fall to between 0.73628-0.73814, so i will look to sell high first before entering long position at there. TRADE IDEA : BUY AT BETWEEN 0.73628-0.73814 SL : 0.73460 TP1 : 0.74484 TP 2 : 0.76270
AUDUSD Forex Market News
The Australian Dollar offered a reserved reaction to the Caixin China PMI report Wednesday morning. The important trade link between Australian and China has been superseded recently by the intensified focus on monetary policy. During yesterday’s session, the AUDUSD generated more volatility than follow through in the aftermath of the Reserve Bank of Australia rate decision in which the central bank cut rates to a record low.
With the scheduled release of ISM non-manufacturing PMI from the US, later during NA trading session, services PMI will remain on traders’ radar and provide further momentum for the AUDUSD pair. Also in focus on Wednesday would be ADP report on US private sector employment for July.