Looking our for markets to turn around from the Support/Resistance zone. We are looking for some support to come into the market around the 0.72730 area.
Got a good zone using technical analysis, with this zone being significant in the past markets. Also there is added confidence with higher time frames all currently in a bullish trend.
We are on the 4H charts, hence we may be looking at end of the week for this setup(Thursday/Friday)
On the fundamental side of things we are keeping an eye out for Westpac Consumer Sentiments & RBA Governor Lowe’s speech. We would like to see some bullish sentiment from these economic indicators for the Australian Dollar.
Key indicator for US Dollar would be JOLTS job openings, 10y Bond Auction & Crude Oil Inventories on Thursday. Also there is another list of key indicators for US economy coming out on Friday that may provide further fuel for the trade. These are ECB Press Conference, CPI data, Unemployment claims & Natural Gas Storage numbers. They will be good US economic indicators to keep an eye on.
If markets dis-respect our Support/Resistance zone and crash through we will stand aside on this trade.
If markets turn around and gives us a good entry then we are targeting the 0.74160 zone. 100 plus pips for grabs.
Be agile & go with the flow of the markets!!
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