AUDUSD trading update on 30/10/2019

AUDUSD trading update on 30/10/2019

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Technical analysis

 

Aussie after a long time in a bearish mode vs. the USD, has recently recovered from its lows, whereby the 5th wave at 0.66628 finished in equality to the 1st in ratio perfectly. Currently Aussie is bouncing up to its previous highs at 0.68829 and has been forming there the higher value area with a range from 0.6818 to 0.6870. Technically Aussie can pullback to 0.6820 due to some news will be released later today in the U.S. trading session, but in general we see that Aussie has been well supported at that above mentioned price level. The key zone for a further up move for Aussie is detected at above 0.69200, breakout that area, Aussie will be traded above 0.70xx price handle potentially. Immediately resistance for Aussie is to see at 0.70750 price handle, at that price zone, there will probably be a pullback to the lower price area.

 



Take your look at the W1 TF depicted chart below:

 

At the H4 TF:

 

Trading strategy for Aussie in middle term for a swing trading is to keep waiting for a pullback to the support area at around 0.6820, from there look for a long.

 

 



Trade well!

 

Tradingscenenes team

Thông tin thành viên
Forex, stocks, commodities Trader & Markets Analyst. Makkaba Co., Ltd. ST&C

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