Chart Artwork: Revisiting AUD/USD and AUD/NZD’s Setups

Welcome to the final buying and selling day of the week and the primary half of October!

As we speak we’re doubling down on the Aussie as we take a look at AUD/USD’s uptrend and AUD/NZD’s Fib pullback play.

Which setup will you commerce?

AUD/USD 1-hour Forex Chart
AUD/USD 1-hour Foreign exchange Chart

Earlier this week wee noticed AUD/USD find some support near a Fib pullback and ascending channel help on the 1-hour time-frame.

I hope you took the commerce as a result of AUD/USD is now slightly below 100 pips increased than the spot!

We’re wanting on the pair at the moment as a result of candlestick sample studying suggests a bullish flag, which signifies that the Aussie may nonetheless lengthen its uptrend in opposition to the greenback.

What do you assume? A breakout above the sample may take AUD/USD to .7450, a excessive not seen since early September.

If AUD/USD merchants are within the temper for a deeper pullback, although, then you definitely must also be careful for a doable dip to the mid-channel and even the 100 SMA areas.

AUD/NZD Daily Forex Chart
AUD/NZD Day by day Foreign exchange Chart

Simply final week we recognized 1.0550 as a doable resistance degree for AUD/NZD because it traces up with earlier areas of curiosity.

The bulls have been robust sufficient to push AUD to 1.0600 however the 61.8% Fib and 100 SMA resistance ultimately gained out and now AUD/NZD appears to be like prefer it’s headed decrease.

Shorting at present ranges would set you up for an excellent risk ratio particularly in case you place your stops simply above the 200 SMA and AUD/NZD drops again right down to its September lows.

When you see AUD/NZD making new October highs, nonetheless, then you may re-evaluate your biases and put together for AUD/NZD testing increased inflection factors.

Good luck and good buying and selling this one!

Source link

Leave a Reply

Your email address will not be published.