AUD/USD has retraced back towards 0.6625, a level that previously capped bullish advances earlier in the year. Having already tested the level before bouncing, the proximity allows for two-way trades to be established depending on how price action evolves in the near term.
The message from RSI (14) and MACD is one of waning upside strength, providing a cautious signal to bulls rather than an outright bearish bias favouring downside. That adds weight to placing more emphasis on price action when assessing directional risks and trade setups.
Should the pair continue to hold above 0.6625, longs could be set above the level with a stop below, targeting 0.6685 (10 Dec high) or resistance at 0.6700.
Alternatively, if the pair extends the bearish retracement beneath 0.6625 and holds there, the setup could be flipped with shorts set on the break with a stop above for protection. 0.6580 (13 Nov high) or 50-day moving average both screen as potential targets, although those entering the trade should pay close attention to price action around 0.6600. If the price can’t push through convincingly, consider nixing the position.
Good luck!
DS
The message from RSI (14) and MACD is one of waning upside strength, providing a cautious signal to bulls rather than an outright bearish bias favouring downside. That adds weight to placing more emphasis on price action when assessing directional risks and trade setups.
Should the pair continue to hold above 0.6625, longs could be set above the level with a stop below, targeting 0.6685 (10 Dec high) or resistance at 0.6700.
Alternatively, if the pair extends the bearish retracement beneath 0.6625 and holds there, the setup could be flipped with shorts set on the break with a stop above for protection. 0.6580 (13 Nov high) or 50-day moving average both screen as potential targets, although those entering the trade should pay close attention to price action around 0.6600. If the price can’t push through convincingly, consider nixing the position.
Good luck!
DS
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.