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AUDUSD profit target reached, remain bullish for a further push Buy above 0.7377. Stop loss at 0.7334. Take profit at 0.7441. Reason for the trading strategy (technically): Price has bounced up and reached our profit target perfectly. We prepare to buy above 0.7377 support (Fibonacci retracement, horizontal overlap support) for a further push up towards 0.7441 resistance (Fibonacci retracement, horizontal pullback resistance, Elliott wave theory). Stochastic (34,5,3) has made a bullish exit and sees further upside potential. Correlation analysis: AUDUSD has a strong positive correlation with NZDUSD which means they usually move together. We are expecting a rise on AUDUSD and a drop on NZDUSD so it is best to exercise caution on these trades.
Long
by theforexarmy
AUDUSD bouncing up nicely, remain bullishBuy above 0.7332. Stop loss at 0.7290. Take profit at 0.7426. Reason for the trading strategy (technically): Price has started to bounce up nicely from our buying level. The plan today is to remain bullish above major support at 0.7332 (Fibonacci extension, Elliott wave theory) and we expect a bounce above this level to at least 0.7426 resistance, (Fibonacci retracement, horizontal swing high resistance). Stochastic (55,5,3) has made a bullish exit meaning that a further rise can be expected. Correlation analysis: AUDUSD has a strong positive correlation with NZDUSD which means they usually move together. We are expecting a rise on AUDUSD and a rise on NZDUSD which goes well with the positive correlation expected. Reason for the trading strategy (fundamentally): The main news event driving USD today is the U.S. Advance Retail Sales which is a monthly measure of sales of goods to consumers at retail outlets. The figure is a significant market mover, valuable both for its timeliness and insight into consumer demand and consumer confidence. We’re expecting a positive value here meaning more consumer spending and confidence, leading to strength in the USD. This would go against our bullish AUDUSD view today hence is it best to exercise caution on this trade.
Long
by theforexarmy
AUDUSD testing major resistance, remain bearishSell below 0.7589. Stop loss at 0.7622. Take profit at 0.7514. Reason for the trading strategy (technically): We remain bearish looking to sell below 0.7589 resistance (Fibonacci retracement, horizontal overlap resistance, bearish divergence) for a push down to 0.7514 support (Fibonacci retracement, horizontal overlap support). Stochastic (34,5,3) is seeing major resistance below the 93% level where we expect a corresponding drop in price from. We can also see bearish divergence vs price signalling that a drop is impending. To read about the daily technical analysis strategies in more detail, you can check them out here : www.theforexarmy.com
Short
by theforexarmy
AUDUSD profit target reached perfectly, time to sellSell below 0.7589. Stop loss at 0.7622. Take profit at 0.7514. Reason for the trading strategy (technically): Price has shot up perfectly and has reached our profit target. We prepare to sell below 0.7589 resistance (Fibonacci retracement, horizontal overlap resistance) for a push down to 0.7514 support (Fibonacci retracement, horizontal overlap support). Stochastic (34,5,3) is seeing major resistance below the 93% level where we expect a corresponding drop in price from.
Short
by theforexarmy
AUD/USD right on buying level, remain bullishBuy above 0.7632. Stop loss at 0.7608. Take profit at 0.7683. Reason for the trading strategy (technically): Price has reached our profit target from Thursday. We are now bullish above major support at 0.7632 (Fibonacci retracement, horizontal overlap support) for a push up to at least 0.7683 resistance once again (Fibonacci retracement, Fibonacci extension, Elliott wave structure, horizontal resistance). Stochastic (55,5,3) is bouncing nicely above our 3.6% and 16% support levels. Reason for the trading strategy (fundamentally): The main news event driving USD today is the U.S. ISM Manufacturing survey. It is one of the biggest market moving economic releases because of its Prices Paid and Employment subcomponents which reflect sentiment towards inflation and labor conditions - two of the market's most significant health indicators. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD. We’re expecting forecasts of a decrease which means a bearish USD is expected, this goes in line with bullish AUDUSD strategy view.
Long
by theforexarmy
AUDUSD Weekly View: Profit target reached perfectly, go bullishBuy above 0.7520. Stop loss at 0.7440. Take profit at 0.7730. Reason for the trading strategy: Price dropped perfectly as expected and reached our profit target. We now turn bullish above 0.7520 support (Fibonacci retracement, horizontal overlap support) for a push up to 0.7730 (Fibonacci extension, horizontal swing high resistance). RSI (34) sees long term ascending support holding price up. Stochastic (21,5,3) sees long term support at 2.5% holding price up too.
Long
by theforexarmy
AUDUSD dropping nicely, remain bearishSell below 0.7668. Stop loss at 0.7695. Take profit at 0.7603. Reason for the trading strategy (technically): We remain bearish with price having broken our long term ascending support-turned-resistance line triggering a bearish exit to push price down. The goal is to sell below 0.7668 resistance (Fibonacci retracement, bearish pullback resistance, horizontal pullback resistance) for a drop towards 0.7603 (Fibonacci retracement, horizontal overlap support). RSI (21) is seeing major resistance below the 64% level.
Short
by theforexarmy
AUDUSD remain bullish above supportBuy above 0.7668. Stop loss at 0.7646. Take profit at 0.7733. Reason for the trading strategy (technically): We remain bullish above 0.7668 support (long term ascending support, horizontal support, Fibonacci extension) for a further push up to 0.7733 resistance (Fibonacci extension, horizontal resistance). RSI (34) is seeing strong support above the 41% level where we expect price to continue to rise from. Reason for the trading strategy (fundamentally): The major news item today affecting USD is the Gross Domestic Product (GBP) which measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy's health. If the actual release is better than the forecast, that means it is good for the currency and we can expect USD to strengthen. However, if the actual release is less than the forecast, that means it is bad for USD and we can expect USD to weaken. Our current forecast is for a rise from 1.9% to 2.1% which means we could expect a stronger USD, this goes against our bullish AUDUSD view, hence, it is best to exercise caution on this trade. The other major news event driving the USD today is the U. of Michigan Confidence. It assesses consumer confidence regarding personal finances, business conditions and purchasing power based on hundreds of telephone surveys. A low or falling University of Michigan Sentiment value is considered an early indicator of an economic downturn. We’re expecting a higher value which means a stronger USD, which goes against our bullish AUDUSD trade today too.
Long
by theforexarmy
AUDUSD remain bullish above major supportBuy above 0.7655. Stop loss at 0.7603. Take profit at 0.7780. Reason for the trading strategy (technically): We remain bullish above long term support as 0.7655 (Fibonacci retracement, long term ascending support) for a push up to 0.7780 resistance (long term resistance). We watch RSI closely to ensure we are not being faked out by a bearish exit. RSI (34) is seeing support above the 45% level. Only a break of this support level would be the precursor to a bearish move being seen.
Long
by theforexarmy
AUDUSD above major support, remain bullishBuy above 0.7696. Stop loss at 0.7643. Take profit at 0.7780. Reason for the trading strategy (technically): Price has bounced up really nicely above our support from yesterday. We now remain bullish above support at 0.7696 (Fibonacci retracement, horizontal pullback support, breakout level) where we expect a further push up to 0.7780 resistance (swing high resistance, Fibonacci projection). We also tighten our stop loss to 0.7643 to protect our profits. RSI (34) is seeing ascending support holding price up really nicely.
Long
by theforexarmy