i think IF AUDUSD can hold it is candle pattern like this, i have good feeling AUDUSD will going UP because the buyer now enter the market and againts seller
Good ideas to put into practice, very good info and useful. Will be keeping a close watch on the instrument, see where it is heading.
AUD/USD pair started a downside correction after the pullback on 0.8065. Strong support level is near the 0.7785 which overlaps with 50-day SMA.
AUDUSD Elliott Wave View: More Upside
AUDUSD Short Term Elliott Wave view suggests that the rally from 8/15 low is unfolding as a double three Elliott Wave structure. Up from 8/15 low, Minute wave ((w)) ended at 0.79957 and Minute wave ((x)) ended at 0.7868. Minute wave ((y)) is in progress and the subdivision also unfolds as a double three. Minutte wave (w) of ((y)) ended at 0.7995 and Minutte wave (x) of ((y)) ended at 0.793. Near term, while pullbacks stay above 0.793, but more importantly above 0.7868, expect pair to extend higher towards 0.806 – 0.8108. We don’t like selling the pair.
AUDUSD 1 Hour Elliott Wave Chart
AUDUSD Elliott Wave View: Bullish above 0.787
AUDUSD Short Term Elliott Wave view suggests that the rally from 8/15 low is unfolding as a double three Elliott Wave structure. Up from 8/15 low, Minute wave ((w)) ended at 0.79957 and Minute wave ((x)) ended at 0.7868. Minute wave ((y)) is in progress and the subdivision also unfolds as a double three. Minutte wave (w) of ((y)) ended at 0.7995 and Minutte wave (x) of ((y)) ended at 0.793. Near term, while pullbacks stay above 0.793, but more importantly above 0.7868, expect pair to extend higher towards 0.806 – 0.8108. We don’t like selling the pair.
AUDUSD 1 Hour Elliott Wave Chart
Many were shorting AUD recently in that downturn. Yet I could never understand why. Bullish momentum for AUD was huge. What possible reason could there be for shorting AUD/USD? Please tell me I have no idea.
As long as China keeps marching and Australian economy does well, I don’t see why abundant selling would take place for AUD.
I think the nearest support 0,7735 point. Let’s see)
I’m expecting a small retracement of the pair to the north, approximately to levels 0.8000-0.8020, where I’ll be able to search for a point to enter the market and to open a bought order.
Westpac forecast for the Australian dollar
The weakness of the US dollar after the meeting of the Federal Committee on open market operations of the US Federal Reserve provided support to the pair AUDUSD, which it certainly needed, according to Sean Callow, a market research analyst in Westpac. "Ahead of the announcement of the Fed’s decision, the pair traded at a fresh 3-month low of about 0.7675. Prices for basic commodities produced in Australia extended its losses, and Australian market-based basket dropped 4.3% this month, plunging to the lowest level since the end of November.
While AUDUSD was near 0.7625, yield differentials have continued to evolve against the Australian dollar, leaving the short-term fair value of the currency below 0.75. Trade tensions, initiated by the government of the United States still persist, and the Group of twenty (G20) was forced to admit its impotence to ensure the fulfillment of accepted obligations to prevent the spread of protectionism. Trump’s anti-China trade measures will only ignite the flames of a trade war. But there is also positive news: Australia continues to create new jobs. In the near future we expect the soft tone of the US dollar will remain – probably, this circumstance will be enough for AUDUSD to trade around 0.77" – said the expert.
The AUDUSD holds above the 0.7300 level, but the bearish trend is still in place on the daily chart. The 0.7400 level along with the 55 day EMA could act as resistance and the 0.7200 level could act as support.